Sep 5, 2022 - Politics & Policy

Falling gas prices could land under $3 in some states

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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