Gas prices fall below $3 per gallon in more than half of US states to kick off Thanksgiving holiday

Gasoline prices are easing arsenic the Thanksgiving question play kicks off.

While the nationalist mean remains somewhat supra $3 per gallon, the mean terms per gallon successful much than fractional of US states present falls beneath that mark, and a fistful of stations are adjacent offering regular unleaded for $1.99.

The nationalist terms of gasoline sat astatine $3.05 per gallon connected Tuesday, astir the aforesaid arsenic precisely 1 twelvemonth ago, according to AAA data.

Coastal states similar California and Washington inactive transportation prices supra $4 per gallon, but much than 28 states — mostly the Midwest and Gulf Coast areas — are seeing prices mean little than $3 per gallon.

Lower seasonal demand, little costly wintertime blends, and falling lipid prices are each expected to proceed to enactment downward unit connected the outgo of gasoline.

"I deliberation it whitethorn instrumentality different week for america to get there, but erstwhile it does, we whitethorn [see] astir of the remainder of the twelvemonth astatine oregon beneath that $3 per gallon people with immoderate of the lowest prices ... successful the past 4 years," Patrick De Haan, caput of petroleum investigation astatine GasBuddy, told Yahoo Finance.

GasBuddy information precocious spotted 4 stations successful Midwest City, Oklahoma, wherever prices stood astatine $1.99 per gallon.

"It's the archetypal clip that we've seen what I'll telephone sustainable sub-$2 prices since 2021," De Haan said. "That's a motion of what we could spot much of. As we get person to Christmas, I bash expect the nationalist mean to proceed falling successful the weeks ahead."

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Crude lipid prices person been connected a downward inclination heading into the extremity of the year.

On Tuesday, futures for Brent (BZ=F), the planetary lipid benchmark, and West Texas Intermediate (CL=F) extended declines by much than 2% amid negotiations implicit a imaginable bid program betwixt Ukraine and Russia, a large lipid producer.

"The adjacent 40-80 days astir apt correspond the astir inhospitable clime for US gasoline prices of the season, and the ongoing bid inaugural for Ukraine/Russia is starring to immoderate liquidation successful crude," Tom Kloza, main lipid expert astatine Gulf Oil, told Yahoo Finance.

Brent and WTI are some down much than 17% since the commencement of the year.

Ines Ferre is simply a elder concern newsman for Yahoo Finance. Follow her connected X astatine @ines_ferre.

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