December 1, 2022
Gas prices are down. Big time. In fact they hit a level we haven’t seen since before Russia invaded Ukraine back in February.
Today –the national average for a gallon of regular according to AAA is $3.47. That’s almost 30-cents a gallon less than it was a month ago.
According to Gas Buddy The states with the lowest average prices: Texas ($2.83), Oklahoma ($2.94), and Arkansas ($2.99).
The states with the highest average prices: Hawaii ($5.14), California ($4.97), and Nevada ($4.66).
The dip in prices comes from lower demand from all of us drivers, because us refineries have returned to operation after being out of commission for maintenance and repairs and because crude oil prices have come down.
Now things can change because of two major factors. One, there is another OPEC+ meeting next week. And they could decide to cut oil production again like they did in October when they cut 2 million barrels a day. And the European Union’s ban on Russian oil imports starts next week. The EU has been discussing putting a price cap on Russian oil which – if it happens– would also contribute to oil market volatility.
Gas prices from AAA here.
Gas prices info from Gas Buddy here.
