The national average gas price fell 15.8 cents over the last week, down to $3.36 per gallon. The national average is down 43 cents from a month ago and 1.5 cents per gallon higher than a year ago. The national average diesel price fell 13.6 cents last week to $5.06 per gallon.
GasBuddy’s Patrick De Haan says, “it remains very possible the national average could fall under $3 per gallon by Christmas.” De Haan expects diesel prices to fall under $5 per gallon this week, and soon reach its lowest level since March of this year. While the declines are welcomed, De Haan cautions that there may be some concerns coming as the price cap on Russian oil kicks in.
Further, retaliation is possible, and while OPEC+ upheld production cuts from last month, they could always cut more production. Meanwhile, U.S. retail gasoline demand rose last week by 2.3 percent, bouncing back the week after Thanksgiving.