The nation’s average gas price declined for the fifth consecutive week, down 14.4 cents from a week ago to $3.21 per gallon. The national average is down 56.5 cents from a month ago and 11.0 cents per gallon lower than a year ago. The national average price of diesel has fell 14.9 cents in the last week and stands at $4.91 per gallon.
GasBuddy’s Patrick De Haan says, “We remain on schedule to see the national average gas price fall below $3 by Christmas, with diesel set to fall 50 cents to $1 per gallon over the next six weeks or so.”
The keystone XL Pipeline shutdown, De Haan adds, is not expected to impact fuel prices, for now. Under the weight of economic concerns, a possible surge in COVID cases as China works towards re-opening, and a changed psyche that OPEC+ is over-producing, oil prices fell last week to their lowest in nearly a year.