Despite Threats, Gas Prices Still Falling

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A gift at the gas pump just in time for the holidays: Gas prices are still dropping and leaving more jingle in consumers' pockets. 

"It's the longest decline that we've seen since the summer of 2022." 

Despite a series of threats that suggested the opposite could happen, gas prices have now fallen every day since their peak on September 18th. According to AAA, that's a streak of more than 61 consecutive days. That significant drop comes despite Russia's ongoing war on Ukraine and the Israel Hamas conflict. 

"That's the good news for the next few months. The bad news is that if Middle East tensions remain high into the first quarter of 2024, then you'll see gasoline prices move up independently of crude." 

According to AAA, the average price for a gallon of regular gas stood at $3.25 on Wednesday. That's down $0.25 from a month ago. Right now, 15 states are averaging $3 or less for a gallon of gas, according to AAA, and there are now more than 20,000 gas stations selling gas at $2.75 a gallon or less. That's according to GasBuddy, which says you can expect those low prices for the next several months. 

"I do expect that between now and say Valentine's Day of next year, gas prices should be in the low $3 range nationally with many states falling below that $3 a gallon mark." 

Meanwhile, OPEC and its allies have a critical meeting scheduled this week, and experts say the outcome of that gathering could impact prices at your local gas station. 

"That OPEC meeting could hold the key to future gas prices."