Gas prices drop to lowest level in 18 months for Christmas travelers

(December 22, 2022) BOSTON — Those heading out on the road for the holidays will receive the gift they’ve been waiting for all year: lower gas prices. Holiday prices this year will be $1.83 per gallon lower than they were just six months ago, according to GasBuddy, a fuel savings platform. The national average price of gas is forecast to be $2.98 on Christmas Day, likely to drop below the critical $3 per gallon mark on or before Christmas Eve for the first time in nearly 600 days.

Since peaking at over $5 per gallon in June, with prices in California reaching nearly $7 per gallon, the national average price of gas in the U.S. has slowly come down from record-breaking levels, falling below its year-ago level on Dec. 9. Since October, every one of the nation’s 50 states has seen gas prices plummet precipitously, with diesel starting to follow suit.

By the numbers:

    •    $1.94 per gallon: decrease in the national average since June peak
    •    26: states now with average gas prices below $3 per gallon
    •    $2.44 per gallon: the average price of the bottom 10% of U.S. gas stations
    •    $2.99: the current most common gas price in the country
    •    25+: cities with average diesel prices now below $3.99 per gallon

“As 2022 draws to a close, we’ve seen gas prices cut nearly in half in some areas compared to this earlier this year — a well needed break from the sky high prices we faced just six months ago. Finally, things are starting to feel a bit more normal with gas prices far more affordable. Americans are saving around $25 per fill-up compared to prices this summer,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“While we’re closing out the year on a positive note, challenges remain that could drive prices up again next spring, so motorists might want to keep their expectations in check and enjoy the sub-$3 gasoline while they can.”