Gas prices have plummeted about 13% from a 2024 peak in April, amounting to a decline of nearly 50 cents per gallon. Experts predict further drops, potentially below $3 for the first time since May 2021.
The decline in prices is attributed to sluggish demand as the summer travel season ends, along with a significant drop in crude oil prices, allowing for a larger decrease in gas prices.
Patrick de Haan, head of petroleum analysis at GasBuddy, emphasizes that 'Gas prices continue to crumble across the entire nation,' indicating a favorable outlook for consumers.
Seasonal trends, including a less expensive winter fuel blend and easing demand, are also assisting in the relief from high gas prices, as families return to routine driving.
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