The Gift of Gasoline: Price Per Gallon Could Hit $3 in Time For Holiday Season

Photo: Michael M. Santiago (Getty Images)

It’s going to be an early and bountiful Christmas for drivers in the U.S. as gas prices around the country continue to fall to levels they were at in February of this year, according to The Washington Post. For who weren’t keeping track of prices, that’s right before Russia invaded Ukraine and started a whole chain of events that lead to gas peaking at $5.02 per gallon over the summer. Now, AAA reports that the average price of a gallon of gas is now $3.47 per gallon, and The Post says some projections show that prices could drop below $3 per gallon by Christmas.

Part of the reason for this dip in prices is that some major U.S. oil refineries are churning out vast amounts of gasoline after months of being shut down for various reasons. Another factor is what’s currently going on in China. The Post reports that Covid lockdowns and protests throughout the country have driven oil prices down big-time. China reportedly accounted for about 16 percent of global oil demand last year. It’s going to end up being a lot less this year. Projections show that China’s oil purchase will drop by 1 million barrels per day in December. That could have the effect of driving prices for a barrel of oil down as much as ten percent.

Here are the highest average gas prices in the country in order of highest price for a gallon regular:

Hawaii – $5.19 Regular | $5.43 Mid | $5.67 Premium | $6.09 DieselCalifornia – $4.90 Regular | $5.13 Mid | $5.27 Premium | $5.99 DieselNevada – $4.60 Regular | $4.85 Mid | $5.06 Premium | $5.43 DieselWashington – $4.42 Regular | $4.69 Mid | $4.87 Premium | $5.60 DieselOregon – $4.32 Regular | $4.59 Mid | $4.77 Premium | $5.40 Diesel

Here are the lowest average prices of gasoline in the country in order of lowest price per gallon of regular:

Texas – $2.84 Regular | $3.22 Mid | $3.55 Premium | $4.42 DieselOklahoma – $2.96 Regular | $3.37 Mid | $3.57 Premium | $4.46 DieselArkansas – $2.98 Regular | $3.35 Mid | $3.68 Premium | $4.65 DieselMississippi – $2.99 Regular | $3.37 Mid | $3.72 Premium | $4.68 DieselGeorgia – $3.00 Regular | $3.41 Mid | $3.78 Premium | $4.88 Diesel

Also, do not procrastinate. Buy your holiday gifts now. You will run out of time.