Why Are Gas Prices Dropping Below $3 Nationwide?

UNDATED (WJON News) -- Gas prices have fallen below $3 per gallon nationally. Gas Buddy says this is the earliest we've seen a $2.99 national average since 2020, when COVID was the primary driver of low prices.

OPEC deserves much of the credit for the downward trend, which has steadily raised oil production for much of the year.

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Currently, 35 states have average gas prices below $2.99 per gallon. Gas Buddy even recorded the first $1.99 cash price at a station in Evans, Colorado.

The national average price of gasoline has fallen 4.1 cents per gallon in the last week, averaging $2.98. Average gasoline prices in Minnesota have fallen 5.3 cents per gallon, averaging $2.84. The national average price of diesel has decreased 3.7 cents compared to a week ago and stands at $3.59 per gallon.

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Source: National Average Gas Price Drops To $2.98 This Week