Gas prices could drop to the $3 mark for the first time in four years as a swelling oil supply drives crude prices sharply lower, according to a recent analysis by AAA.
The national average price for a gallon of gasoline dropped to $3.05 last week due to falling crude oil prices, lower gasoline demand and cheaper winter-blend gasoline at the pump, according to AAA.
The last time the national average reached $3 per gallon was May 2021.
AAA’s report aligns with projections issued by the EIA in September, which anticipate the U.S. average retail price for regular-grade gasoline to be about $3.10 per gallon for the remainder of this year and $2.90 per gallon in 2026.