Sep 5, 2022 - Politics & Policy
Falling gas prices could land under $3 in some states
Gas prices are expected to continue their downward trend after Labor Day and into the fall, with some states possibly seeing a dip below $3 per gallon, Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC in an interview published Monday.
Driving the news: Gas prices last week fell for the eleventh week in a row ahead of the holiday weekend.
- The national average price was $3.786 per gallon on Monday, according to AAA.
- However, experts warn that prices could spike again if weather and the hurricane season end up impacting oil refineries and disrupting production.
What they're saying: Short of any disruption to production, De Haan said falling gas prices will continue. “I think the good news is going to keep going for now,” he said.
- “I’m hopeful we can get to $3.49 between Halloween and Thanksgiving,” he added of the national average price per gallon.
- “I still think we could see some states drop under $3, primarily Oklahoma, Texas by the end of the year, if not earlier,” he said.