Fuel Prices Continue New Year Declines

Photo by Kayleigh Omang, 2023

For the second straight week, GasBuddy says the nation’s average price of gasoline has declined, falling 3.8 cents from a week ago to $3.03 per gallon.

“Sluggish gasoline demand has led to the national average easing again and brings back the potential for the national average to drift under $3 per gallon for the first time since 2021,” says Patrick DeHaan of GasBuddy. “With a record rise in gasoline inventories last week as demand was anemic during the holidays, motorists have provided the catalyst for falling prices.” He also says if demand remains weak, it’s possible gasoline prices could fall further.

In addition, refinery issues in California have also eased, which will soon cause prices to decline in California, Nevada, and Arizona, possibly providing momentum for a $2.99 national average. However, the better it gets now, the sharper the rise could be ahead of spring, as prices could start rising by mid-February.