US gas prices have fallen to their lowest since February and could drop below $3 by Christmas, GasBuddy says

According to GasBuddy, US gasoline prices could fall further to below $3 a gallon before Christmas.

The average price of gas in the US was $3.52 a gallon on Monday, down about 12 cents from a week ago, according to the fuel cost tracking company. The costs of driving for American drivers have fallen for three weeks in a row.

Patrick De Haan, GasBuddy's head of petroleum analysis, said in a post that "all the metrics look very positive for motorists as this week is likely to continue seeing falling gasoline prices, with many areas falling to the lowest level since Russia's invasion of Ukrainian in February."

It's possible the national average price of gasoline could fall under $3 per gallon by Christmas, which would be a huge gift to unwrap for motorists, he said.

The average price of a gallon of gas in Oklahoma, Texas and Mississippi is now more than three dollars. It was about $3.49 a gallon for the whole of the US on Tuesday.

The price of gas went over $5 a gallon in June as global oil prices went up due to Russia's war with Ukraine. After President Joe Biden began releasing record amounts of crude from US reserves, they began to decline.

On Monday, crude oil prices came under downward pressure as traders worried about a fall in demand from China, the world's second-biggest economy.

The US benchmark crude futures are down 15% over the last three months, while the international benchmark has lost 18%.

GasBuddy said that US demand for oil is under seasonal pressure.

The price of gas and diesel will decline this week, according to De Haan.

Don't be rushed into filling up. If the situation holds, California could fall below $4/gal.