The national average price for a gallon of gas dropped to $3.38 on Saturday, according to GasBuddy, bringing it within two cents of where they were at this time last year.
The price of gas fell to a 12-month low on Saturday.
Patrick De Haan of GasBuddy said that gas prices dropped by 17.2 cents over the past week.
The cheapest gas is found in Texas, where a gallon costs just over $2, followed by Oklahoma, Arkansas, Mississippi and Georgia.
Hawaii is the only state where gas costs more than $5 a gallon, as the Great Lakes and West Coast states have seen huge drops in gas prices.
The drop comes even as gas demand holds steady at 3.2 million barrels per day, according to the Energy Information Administration, while gasoline inventories increased over the past week.
One week after crude oil prices dropped to a near-2022 low, the price of gas has fallen. The West Texas Intermediate, a U.S. benchmark, fell to $75 last week, although both indicators have since climbed. Almost half of the price drivers pay at the pump is attributed to the cost of oil.
Since their peak in June, gas prices have fallen by more than a dollar a gallon. As Russia's invasion of Ukraine posed a threat to the global energy market, prices went up. After the sale of 180 million barrels of oil in March, the Biden Administration used the national Strategic Petroleum Reserve to clear 14 million barrels per sale in September.
There is a new item on the market. Alabama, Arkansas, Connecticut, Colorado, Florida, Georgia, Kansas, Louisiana, Mississippi, Missouri, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Wisconsin and Wyoming are some of the states where gas prices have fallen below December 2021. The national average could fall below $3 by Christmas if the drop in prices continues.
The average price of gas in the US is now $2.99 a gallon.
Here is what it means for prices at the pump when oil is low.
Gas prices in the US are going to fall for 10 days in a row.
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