Sep 5, 2022 - Politics & Policy

Falling gas prices could land under $3 in some states

Ivana Saric

Gas station displays prices — A gas station in Detroit, Michigan, advertises gas prices on Aug. 11. Photo: Matthew Hatcher/SOPA Images/LightRocket via Getty Images

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.

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Falling gas prices could land under $3 in some states

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