US Treasury Secretary Janet Yellen indicated that crude oil, responsible for more than half the cost of retail gasoline, could spike this winter because of new sanctions against Russia. There are so many different things that could change the outcome." doesn't fall in autumn as it tends to do. sanctions on Russian energy, economic concerns, COVID in China, if demand in the U.S. "Hurricanes, unexpected issues that arise, E.U. "While the recent drop in gas prices has been most welcomed, the issues that led to skyrocketing prices aren't completely put to bed," he added, "and still could lead prices to eventually climb back up, should something unexpected develop."Ī nationwide average under $3 "might not be possible," de Haan told Money on Sept. "We've never seen anything like 2022 at the pump, highlighted by once-in-a-lifetime events including the ongoing Covid-19 pandemic, which caused myriad imbalances, exacerbated by Russia's war on Ukraine," de Haan said in an Aug. Patrick de Haan, head of petroleum analysis at GasBuddy, admits we can't assume anything when it comes to the price of gas this year. Though we're a far cry from the $2.60 a gallon average we saw in September 2019, we're only 53 cents a gallon shy of the $3.17 average seen this time last year.Īccording to a report by GasBuddy, the nationwide average could reach $2.99 by late October. In the first week of August, crude oil dipped below $90 a barrel for the first time since Russia invaded Ukraine, and it's remained under $100 since then. The average price at the pump is the lowest it's been since March 2022, thanks to lower demand coupled with lower oil prices. Here's what you need to know about gas prices, including where they might go next, if they could spike again and what the White House is doing to keep them in check.įor more on gas prices, find out which states are holding gas tax holidays and which are issuing gas rebate checks, and check out quick tips for saving money at the pump. "This trend has helped pump prices fall steadily for three straight months and, with fall approaching, more markets could soon see prices below $3 per gallon." "Less expensive oil usually leads to less expensive gas for drivers," AAA spokesperson Andrew Gross said in a statement. Gasoline demand typically subsides after Labor Day, according to AAA, and the organization says pump prices will likely continue to decrease. Several factors have fueled the decline, most notably the recent lower cost of crude oil. In fact, the price for regular gasoline is now below $3 a gallon at one in 10 gas stations around the US, according to a report by GasBuddy. In Arkansas, Louisiana, Mississippi and Texas, the average is already under $3.20 - within spitting distance of the $3.17 national average recorded in September 2021. The national average for a gallon of unleaded on Sept. The price of gas could dip below $3 nationwide in October, although factors from hurricanes to the war in Ukraine make it hard to predict.Īfter a summer that saw gas prices soar to record highs in the US, prices have steadily declined. Soaring gas prices have been one of the biggest economic issues of 2022 and their decline could impact the midterm elections. At one in ten gas stations around the country, the price is below $3. After reaching an all-time high of $5.02 this summer, the national average for a gallon of gas has plummeted to $3.70.
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