*As of December 23, the national average gas price has dropped to $3.04 per gallon, one of the lowest holiday-season levels since the COVID-19 pandemic, according to the American Automobile Association (AAA).
Newsweek reports that this marks a slight decrease from last month and last year, offering relief for the 119 million Americans expected to travel during the holidays, 107 million of whom will drive. Lower gas prices reflect seasonal trends and broader shifts in the oil and gas industry, including stabilized production and moderated crude oil costs. AAA anticipates prices may rise again in spring.
“It is typical for prices to bottom out around the holidays, as demand is low with shorter days and colder temperatures,” Andrew Gross, a spokesperson for AAA, told Newsweek. “Also, the cost of oil, which accounts for 55 percent of what consumers pay at the pump, is relatively low—under $70 per barrel.”
“Gasoline prices fluctuate daily, but there is also a seasonal pattern. Prices tend to dip in the autumn and early winter and start to rise again as spring approaches. It is typical for prices to bottom out around the holidays, as demand is low with shorter days and colder temperatures,” Gross added.
Patrick De Haan, GasBuddy analyst, said in a blog post: “With oil prices continuing to move sideways, gas prices may hold near recent levels in the coming week.”
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