Gas prices dip below $3 a gallon, the lowest since 2021
(CBS NEWS) – According to CBS, Drivers are getting some relief at the pump, with the average price of a gallon of gas falling to its lowest level in more than four years, according to new data from GasBuddy, an app that helps drivers find deals on fuel.
Gas now costs $2.95 per gallon on average, down 8.5 cents over the last week and 5.4 cents lower than a year ago, the data shows. That marks the lowest price at the pump since May 2021, the company said.
AAA says the average price for a gallon of gasoline stands slightly higher, at about $3 as of Dec. 1, which it says represents savings of about 7 cents from last week.
GasBuddy said average prices have fallen in all 50 states in what it calls an “exceptionally rare and broad-based retreat.” The decline is due to strong refinery output and lower crude oil prices, as well as softer seasonal fuel demand, the company added.
The biggest weekly declines were in Ohio, Michigan, New Mexico, Oklahoma and Texas, which all saw gas prices dip at least 11 cents, according to GasBuddy.
In Michigan, drivers are now paying an average of $2.96 a gallon for regular unleaded gas, five cents below what they were paying the same time last month, CBS News Detroit reported Monday.
In some states, Americans are paying even less. In Oklahoma, Colorado and Texas, for example, gas is going for $1.99 per gallon or lower, according to GasBuddy.
The price of diesel is still higher than its gasoline counterpart at $3.72 per gallon, although it fell 5.5 cents in the last week, De Haan said.
GasBuddy relied on over 12 million individual price reports at more than 150,000 gas stations across the country to make its calculations.
Domestic supply of crude oil has been strong, with the U.S. producing an all-time high of nearly 14 million barrels a day as of September, according to the U.S. Energy Information Administration.
