GasBuddy, an app that tracks fuel prices, predicts this week that gas prices could drop below $3 a gallon by Christmas.
Prices at the pump continue to plunge, dropping the U.S. average for gasoline below where it was when Russia invaded Ukraine.
People are also reading… A range of factors have led to the drop in gas prices, and not all of them are positive. Fears of a potential recession and concerns about China's COVID-19 lockdowns have hurt energy prices. Other factors include fewer than expected disruptions to Russia's oil flows and the record-setting release of oil by the Biden administration from emergency reserves.
Looking ahead, some forecasters see gas prices continuing to dip, although there remains uncertainty over where oil prices go from here due to questions about OPEC policy and China's COVID lockdowns. Patrick De Haan, head of petroleum analysis at GasBuddy, said that would be a"huge gift to unwrap for motorists after a dizzying year at the pump."
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