Sen. Bill Harverty, R-Tenn.
The average cost of gasoline across the country is hovering around the $3 Mark and may soon dip below it, some industry experts say.
The national average was about $3.07 per gallon as of Wednesday, down about 10 cents from a month ago and about 15 cents from AAA.
“Americans seem to be on the cusp of seeing the national average drop below $3.00 each and living there for the first time,” said Patrick de Haan, Gasbuddy’s rates analyst in Texas, which tracks rates at more than 150,000 stations across the country.
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Gas station station pump and drop off the car at the filling station. The average cost of gasoline across the country is hovering around the $3 Mark and soon it may dip below it. (Sean Gallup/Getty Images/Getty Images)
De Haan said that with more than 40 countries seeing a drop in fuel prices and oil sinking below $60 abrel, the downward trend could continue in the coming weeks.
“The good news may not end if — and when — the national average hits the magical $2.99 mark,” he said.
He added that with wages rising and gas prices falling, Americans are spending less of their income on electricity than they have in years.
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A woman is shown money in her wallet. De Haan added that with rising wages and falling fuel costs, Americans are now spending less of their income on paper than they have in years. (Stock)
States with the lowest gasoline prices on Wednesday included Texas at $2.65, Wisconsin at $2.67, and Arkansas at $2.64, according to AAA.
Meanwhile, areas with the highest electricity prices on Wednesday include California at $4.65, Hawaii at $4.48, Washington at $4.46 and OREGON at $4.07.
The two reasons behind the easing of the fund include weak demand following the summer travel season and the fact that Confireries are switching to more expensive winter oil blends, Brian Cheung called today Wednesday.
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Cars are seen driving on the highway. The Energy Information Administration (EIA) recently predicted that less than 2% of the world’s gross domestic product will be spent on fossil fuels by 2025. (Jonas Walzberg / Photo Alliance via Getty Images / Getty Images)
“The reason why it’s cleaning is to switch to what they call winter integration, which is a little cheaper to produce,” Cheung was told today. “And that’s when there are fewer drivers on the road because we’re past summer, unfortunately, and because of that, demand is down, fuel prices are up.”
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The Energy Information Administration (EIA) has recently predicted that less than 2% of people’s disposable income will be used for fuel in the year 2025, down from 2.4% in previous years since 2005, except for 2020.
FOX Business’ Daniella Genovese contributed to this report.
