Patrick de Haan, GasBuddy's head of petroleum analysis, discusses whether average gasoline prices will fall below $2 a gallon under the Trump administration on “Berney & Company.”
Drivers are filling up with confidence this week as the average price of a gallon of regular gasoline in the U.S. hit a three-year low.
aaa tracker National average gasoline prices Tuesday morning showed a gallon of regular-grade gasoline costing $3.01.
Andrew Gross, a spokesman for the group, said the national average is “attractively below $3 a gallon and could be within the next few days.”
A customer fills up with gas at a Mobil gas station in Los Angeles on October 5, 2023, where signs have been posted indicating fuel prices are approaching $8 per gallon. (Patrick T. Fallon/AFP via Getty Images/Getty Images)
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Oklahoma, Mississippi, Texas, Arkansas and Kansas were some of the states with the highest price increases last week, according to AAA.
The move comes as U.S. demand for finished automotive gasoline rose to 8.738 million barrels per day in the week ending Nov. 29, according to the Energy Information Administration.
The average price of a gallon of gasoline in the United States last fell below $3 in mid-May 2021, according to AAA.
Millions of car owners are putting off maintenance repairs due to rising costs
GasBuddy, which also monitors fuel prices, said the average cost of gasoline was below $3 on Monday.
A customer clutches a $20 bill as he pumps gas at the Phillips 66 gas station in Centennial, Colorado. (Reuters/Rick Wilking/Reuters Photo)
“I think we're nearing the bottom,” Patrick de Haan, head of oil analysis at GasBuddy, told FOX Business. “It could stay within 5 to 10 cents a gallon of today's national average price of $2.99 for the next week or two. It could start to rise by a nickel or dime around Christmas or New Years. The seasonal increase will be around mid-February, when prices will start to rise more noticeably. ”
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A year ago, regular gasoline averaged $3.15 per gallon, according to AAA.
The previous highest average price was $5.01 in June two years ago.
