$2.99 Gas Is Here: Average Price Could Drop Even Further
The national average price for a gallon of regular gasoline in the U.S. has fallen below $3 for the first time since last December, according to GasBuddy. The average price dropped to $2.99 on Sunday and further declined to $2.97 late Monday morning.
Timeline:
- Average prices fell below $3 over the weekend.
- Intra-day average prices reached a low of $2.97 on Monday morning.
- This marks the first time since December 2024 that gas prices have dipped below $3.
Immediate Impact and Response:
The decline in gas prices is largely attributed to the Organization of the Petroleum Exporting Countries (OPEC) decision to increase oil production, a shift from their 2023 strategy of reducing output to boost prices. The lower demand for oil has also contributed to the decrease in gas prices.
Background Context:
In response to rising global tensions and economic uncertainty, OPEC had previously opted to reduce oil production to maintain high prices. However, with the current market conditions indicating a surplus of oil, the organization has adjusted its strategy to increase output.
What Happens Next:
As gas prices continue to drop, consumers can expect relief at the pump. Analysts predict that if demand for oil remains low and OPEC maintains its increased production levels, gas prices could potentially reach even lower levels in the coming weeks.
*This story is developing. Information compiled from Forbes reporting.*
Gas Prices Plummet to $2.99: Will This Be the Start of a Long-Term Decline?
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