Gas prices could drop below the $3.00 mark nationwide as costs continue falling across America, according to recent reports. The average cost of gasoline is currently hovering near this threshold, and industry experts predict a significant decline. As of Wednesday, the national average stood at around $3.07 per gallon, a decrease of 10 cents from the previous month and 15 cents from a year ago, as reported by AAA. This trend is attributed to a combination of factors, including decreasing gas prices in over 40 states and a dip in oil prices below $60 per barrel. Patrick De Haan, head of petroleum analysis at GasBuddy, suggests that the national average could drop below $3.00 per gallon for the first time in years, potentially stabilizing at this lower rate. This would be a significant relief for American wallets, as it would be the lowest burden on gas expenses since 2005. States like Texas, Wisconsin, and Arkansas are already experiencing gas prices below $2.65 per gallon, while California, Hawaii, Washington, and Oregon remain among the most expensive states for gas. The decrease in gas prices is partly due to weaker demand following the summer travel season and the switch to a less expensive winter fuel blend by refineries, as explained by NBC's business correspondent Brian Cheung. The Energy Information Administration (EIA) projects that less than 2% of personal disposable income will be spent on gasoline in 2025, down from an average of 2.4% over the previous decade and the lowest share since 2005, excluding 2020. This trend highlights the ongoing impact of Trump's energy agenda, which has resulted in the lowest holiday gas prices in half a decade.
