You might have noticed that your gasoline bill is still high. But perhaps not as high as it was in the past several weeks. This is because U.S. gas prices are on a faster downward trajectory than predicted.
The average gasoline price across the nation was $4.721 per gallon on Friday, which is 3.1 cents down from the $4.752 average the day before. This marks the biggest daily drop since 2008. According to the data from American Automobile Association (AAA), gas prices have been declining for the past 24 days, which is the longest streak since early 2020.
As expected, the dip in prices wasn’t reflected in all the states equally, as some had it better than others. For example, drivers in South Carolina and Georgia are paying $4.230 and $4.231 per gallon on average. On the other hand, car owners in California are still paying $6.145 for a gallon of gas.
Despite the positives, the experts predict that the challenging times are far from over. The prices of gasoline are still $1.58 higher than they were a year ago. The supply is also at its lowest seasonal level in seven years, and the expectations are that the problem will continue to persist in the coming months.