ICYMI: Gas Prices Now Cheaper Than They Were a Year Ago

For the first time in almost two years, gas prices are lower than they were one year ago. The national average retail price for a gallon of gas is now $3.33. The most common price of gas is $2.99 per gallon, and gas prices in 11 states are currently averaging $2.99 or less.

President Biden promised he would address Putin's Price Hike at the pump, and he has-- releasing oil from the Strategic Petroleum Reserve, rallying international partners to release additional oil, and calling on oil and gas companies to pass their savings to consumers at the pump.

Prices have continued to drop as job growth and the economy remain strong. At the same time, U.S. oil production is up and on track to reach a new record next year.

See coverage below:

The Wall Street Journal: Gas Prices Fall Below Last Year's Average
[Hardika Singh and David Uberti, 12/8/22]

The U.S. average for regular unleaded gasoline has declined to $3.32 a gallon, falling below its average of $3.36 from last year, according to GasBuddy data. That is down about 35% from its peak of about $5 earlier in the year, when the war in Ukraine disrupted supplies and boosted prices for raw materials from copper to corn to diesel.

CNBC: Gasoline is cheaper now than a year ago — and could fall below $3
[Patti Domn, 12/8/22]

Gasoline has fallen to the point where the national average is now cheaper than it was a year ago, even with the war in Ukraine and OPEC+ production cutbacks. According to AAA, the price per unleaded gallon was $3.329 Thursday, below the $3.343 per gallon price a year ago. GasBuddy says there's a good chance the price could fall below $3 nationally as soon as Christmas.

Fox Business: US national gas prices now lower than they were a year ago, AAA says
[Greg Norman, 12/8/22]

As of Dec. 8, the national average cost of a gallon of regular gas is $3.33, down one cent from the same date in 2021. The new average price is also 47 cents less than what it cost a month ago, when it was $3.80 per gallon.

[…]

Those looking for the cheapest gas will find it in Texas, where it is just $2.76 per regular gallon, Oklahoma, where it is $2.82 and Arkansas at $2.87, the AAA data shows.

CBS News: Gas prices in the U.S. are now lower than they were a year ago
[Aimee Picchi 12/8/22]

The milestone comes after gas prices touched another turning point on December 1, when the cost of fuel fell below what Americans were paying for a gallon of gas before Russia invaded Ukraine in February. The war contributed to a sharp spike in gas prices earlier this year, pushing prices at the pump to an all-time high of $5.02 a gallon on June 14. Meanwhile, there are other signs that prices are cooling, with the Fed's favorite measure of inflation — the Personal Consumption Expenditure (PCE) price index — easing in October.

CNN: US gas prices are now cheaper than they were a year ago
[Julia Horowitz, 12/8/22]

Falling energy prices could continue to help ease consumer inflation. The US consumer price index in October registered its lowest annual reading since January…

Energy analysts had been worried that Europe's embargo on oil shipped by sea from Russia and the West's new price cap on Russian crude could inject volatility back into the market. But so far, oil prices have continued their descent.

The Hill: US gas prices lower than they were a year ago
[Rachel Frazin, 12/08/22]

The average price of gasoline in the U.S. is lower than it was a year ago, after many months of elevated prices marked by Russia's invasion of Ukraine. The country's average price for a gallon of gasoline stood at about $3.33 on Thursday, just under the $3.34 this time last year, according to the AAA. Gas prices are now at their lowest point since January.

[…]

"[Patrick De Haan] said that the national average price is "likely" to drop below $3 per gallon, which he said could occur "right around Christmas."

Today: Gas prices are now lower than they were one year ago
[12/8/22]

According to AAA, the national gas average now sits at $3.32, officially lower than where it was one year ago. Experts say the drop in prices is mostly due to a decline in worldwide energy demand.