US gas prices plunge as Americans get much-needed relief at the pump ahead of the holidays

Jessica Guynn, USA TODAY
·1 min read
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At last, less pain, and more relief at the pump.

Americans are paying less for gas than they did before Russia invaded Ukraine in February, prompting gas prices to soar.

After setting new records over the summer, the average price for a gallon of gas dipped below $3.50 as demand slows around the world and fears of economic shutdowns spread.

A gallon of regular gas is $3.47 on average, according to AAA. In fact, prices sank 12 cents since last week and 29 cents since last month, AAA says.

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Patrick De Haan, head of petroleum analysis at GasBuddy, says prices may keep going down and could even fall below $3 by Christmas.

“Hoping for $2.99/gal around Christmas!” De Haan tweeted.

“In addition, 47 of the nation’s 50 states have seen diesel prices falling as well, providing well-needed relief ahead of the holidays and helping to stem the rise in inflation,” he said in a blog post on Monday.

Gas prices are plunging. Here's the cost of gas at the QuikTrip in Tulsa, Okla., on Nov. 21.
Gas prices are plunging. Here's the cost of gas at the QuikTrip in Tulsa, Okla., on Nov. 21.

De Haan attributed the falling prices to “heavy selling pressure as China sees protests for its zero-COVID-19 policies, shutdowns of major cities, and U.S. demand comes under seasonal pressure as temperatures cool off and Americans do more online shopping than driving to malls.”

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This article originally appeared on USA TODAY: Gas prices plunge: You may pay less than $3 gallon by Christmas