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U.S. Gasoline Prices Fall to 11-Month Low

Amid lower crude oil prices and weakening fuel demand, U.S. gasoline prices have fallen to the lowest level since January and analysts say there is a chance of below $3 a gallon average American gasoline price by Christmas.

According to AAA, the average price of a gallon of regular gasoline in the United States was $3.216 as of December 6.  

The national average gasoline price has now fallen for 11 consecutive weeks, Patrick De Haan, head of petroleum analysis at GasBuddy, wrote on Monday.

For the 11th consecutive week, the nation’s average price of gasoline has fallen, declining by 0.4 cents from a week ago to $3.21 per gallon on Sunday, December 3, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.

The national average is now down by 18.9 cents from a month ago and 14.9 cents per gallon lower than at this time last year.

Gasoline prices in some states jumped last week ahead of the OPEC+ meeting on Thursday, which announced rather underwhelming production cuts for early 2024 that were already baked in in crude oil prices.

“The good news is that as the dust settled, OPEC+ agreed to barely move the needle, deepening their production cuts by an additional 900,000 barrels per day in 2024, with Saudi Arabia extending their own million barrel per day cut through March,” De Haan commented.

“However, that wasn’t enough to offset concerns of falling global demand, which pushed oil back down to below $73 in Sunday night trading, giving hope that the national average still could fall to $2.99/gal by the end of the year,” he added.

Further declines are on the cards, and by the end of the year the national average could drop below $3 per gallon—for the first time since the beginning of 2021, AAA spokesperson Andrew Gross told Reuters.

Analysts also expect falling gasoline prices to boost U.S. consumer sentiment at the end of the year.

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By Charles Kennedy for Oilprice.com

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  • George Doolittle on December 06 2023 said:
    US gasoline prices are plunging below $2.00 a gallon right now not $3.00 per gallon. Oddly enough different markets for the same gasoline is starting to emerge (Cleveland Ohio, Miami Florida, Los Angeles California, Bismarck North Dakota, Houston Texas) where basically better off giving it away given lack of local demand and a now *MASSIVE* US recession clearly underway as opposed to the ahem "run of the mill Inflation Recession of the past 20 Years" ahem. Oddly enough massive Canadian refined product has yet to flood the US market as well. All of this is happening at the same time as hybrid drive US vehicle production is only just now beginning to ramp up as well with I think the largest of these being a Ford F-150 plus of course Toyotas but also critically Jeep Wrangler and Cherokee 4xE. Also Buc'cees continues to revolutionize the retail of gasoline and diesel fuel as a retail "loss leader." Lawn and gardening equipment switched over to pure battery electric a *LONG* time ago as well with back up power generation now being massively disrupted by pure BEV plus solar as well. Tesla might not be manufacturing a pure BEV 4 wheeled ATV but everyone else sure suddenly is. "Big Battery Truck Wars" have only just begun as well so good luck being crazy long incredibly valuable diesel fuel now as well. Guess we're gonna find out just how economic to produce the Airbus A220 really is as well as the literal plethora of motorcycles now spilling upon the US market from every domestic and global manufacturer in that still tiny market segment for usa personal transportation. Long $hmc Honda Motor Corporation strong buy
  • Gary Miles on December 06 2023 said:
    Thanks Joe :)

    You know I couldn't resist...

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