CHEYENNE, Wyo. — Good news for holiday travelers: Gas prices are predicted to hit a four-year low Christmas Day.
According to GasBuddy, the national average gas price could be under $3 per gallon on Dec. 25.
The trend is attributed to several factors, including the Federal Reserve’s efforts to slow the economy, a weaker economy in China and the stabilization of global markets after the disruptions caused by the pandemic and the war in Ukraine, according to GasBuddy.
“This holiday season is shaping up to be a gift for American drivers, with gas prices presenting a stark contrast to the budget-breaking levels we’ve seen in recent years and a return to what feels like normal for many Americans filling their tanks,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
While the national average saw a slight increase in recent weeks, currently sitting at $3.01 per gallon, that’s significantly lower than last year’s prices. De Haan attributed the recent uptick to price cycling in the Great Lakes region, which is expected to stabilize soon.
It’s the second straight week the national average rose, climbing 3.1 cents over last week. The national average is down 2.6 cents from a month ago and 9.2 cents from a year ago.
The national average price of diesel has increased 0.6 cents in the last week to stand at $3.478 per gallon.
Meantime, gas prices in Laramie County have risen. The county’s average price today is up 6 cents from last week, hitting $2.90.
“With oil prices continuing to move sideways, gas prices may hold near recent levels in the coming week. Meanwhile, in the Great Lakes, last week’s price hikes will likely be rolled back as stations resume undercutting each other,” De Haan said. “As families travel for the holidays, this volatility at the pump serves as a great reminder to check prices before filling up to save as much as 25 to 50 cents per gallon — a trend that will likely persist into 2025.”
On Monday, AAA reported the national average price for a gallon of regular gasoline at $3.04 per gallon, up 2 cents from last week. Wyoming’s average is $2.89, down 3 cents from last week. Laramie County’s average is $2.90, which remains among the middle of the state’s average gas prices, according to AAA.
Albany County continues to have the cheapest average at $2.54 after dropping 6 cents from last week, while Natrona County’s average of $2.70, down 3 cents, returned to being the second cheapest in the state. Uinta County takes third at $2.77 per gallon, per AAA.
The cheapest fuel in Laramie County today is $2.63 at Gasamat, 620 E. Lincolnway, followed by $2.69 at Walmart, 580 Livingston Ave., according to GasBuddy’s report.
Also included in GasBuddy’s report:
OIL PRICES
WTI crude oil traded higher last week, rebounding above $69/bbl after falling earlier in the week due to demand concerns and a strengthening U.S. dollar. Early reports indicated that China’s oil consumption growth could slow by 2027, adding to bearish sentiment. However, optimism returned midweek after U.S. inflation data came in lower than expected, signaling potential monetary easing. The resolution of the U.S. government shutdown further bolstered market confidence. In early Monday trade, WTI crude oil was down 18 cents to $69.28 per barrel, down from last Monday’s $70.85 per barrel start, while Brent crude oil was down 19 cents to $72.75 per barrel, down from last week’s $74.11 per barrel start.OIL AND REFINED PRODUCTS
Last week’s report from the EIA showed a 0.9 million barrel decline in U.S. crude oil inventories, which are 6% below the five-year seasonal average. The Strategic Petroleum Reserve (SPR) added 500,000 barrels. Domestic oil production declined slightly to 13.604 million barrels per day, still 304,000 bpd higher than the same period last year. Gasoline inventories increased by 2.3 million barrels but remain 2.0% lower than last year and about 3% below the five-year seasonal average. Distillate inventories fell by 3.2 million barrels to 118.2 MMbbl. While inventories are 2.8% above last year, they remain 7% below the five-year seasonal average. Implied gasoline demand, EIA’s proxy for retail demand, rose by 117,000 bpd to 8.93 million barrels per day. Refinery utilization decreased by 0.6 percentage points to 91.8%.GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, down 20 cents from last week, followed by $2.89, $2.69, $2.79, and $3.09 rounding out the top five most common prices.The median U.S. gas price is $2.89 per gallon, unchanged from last week and about 12 cents lower than the national average.
The top 10% of stations in the country average $4.09 per gallon, while the bottom 10% average $2.48 per gallon.
The states with the lowest average prices: Oklahoma ($2.48), Mississippi ($2.56), Texas ($2.63).
The states with the highest average prices: Hawaii ($4.54), California ($4.27), and Washington ($3.83).
Biggest weekly changes: Florida (-15.2¢), Texas (+9.9¢), Ohio (+9.8¢), Indiana (+8.4¢), Iowa (+7.9¢)
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.49 per gallon, unchanged from last week, followed by $3.29, $3.39, $3.19, and $3.59 rounding out the top five most common prices.The median U.S. diesel price is $3.39 per gallon, unchanged from last week and about 10 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $4.31 per gallon, while the bottom 10% average $2.90 per gallon.
The states with the lowest average diesel prices: Oklahoma ($2.98), Texas ($3.03), and Mississippi ($3.11).
The states with the highest average diesel prices: Hawaii ($5.27), California ($4.75), and Washington ($4.26).
Biggest weekly changes: Utah (+9.4¢), Iowa (+6.7¢), South Carolina (+6.4¢), Alaska (-5.8¢), Montana (-5.6¢).
GasBuddy
