Gas prices plunge to new low, expected to keep dropping in 2023: AAA

Gas prices have fallen steadily in recent weeks and are expected to ‘fall below $3 a gallon early next year,’ AAA said. (iStock)

Gas prices continued to fall as demand eased and oil prices continued to rise, according to AAA.

The national average for a gallon of gas fell to $3.26, 14 cents less than last week’s price, 52 cents less than a month ago and six cents less than a year ago.

As winter weather keeps people home, lower demand for gas and stability in oil prices have contributed to lower oil prices, AAA said.

“Seasonal patterns of smaller vehicles due to shorter days and inclement weather, combined with lower fuel prices, lead to lower gas prices,” said Andrew Gross. , AAA spokesperson. “If this trend continues, many states could see average prices below $3 a gallon early next year.”

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Fuel prices are unchanged

The decision of OPEC + to keep the agreement to reduce production unchanged until 2023 and the price of G7 members of Russian oil may still be a threat to the stability of oil prices. and, by extension, gas prices. Currently, the price is unchanged.

A barrel of West Texas Intermediate crude oil rose 83 cents to $71.85 a barrel but remained about $10 below Monday’s $81.99 a barrel, according to GasBuddy. Brent oil fell 11 dollars a barrel compared to last Monday.

“Under the weight of economic concerns, a possible increase in covid cases as China works to reopen, and a change in sentiment that OPEC+ is overproducing, prices have fallen “Oil last week was the lowest in nearly a year,” GasBuddy said in a statement. “Oil has struggled to maintain its rally even with potential news, each falling as fundamentals weaken.”

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California proposes legislation to punish oil companies

California Governor Gavin Newsom and Senator Nancy Skinner (D-Berkeley) recently announced a proposal to penalize oil companies for reporting price increases in a proposal “to curb the excessive price increases and to keep money in the pockets of Californians,” according to a statement.

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Under the proposed legislation, state agencies would “take a closer look at gas prices, benefits and costs [as] giving the state more control over the refining, distribution and marketing of California’s gasoline market.”

The proposal comes after President Biden said at a press conference that oil companies must use record profits to lower prices. for Americans and increase production or face additional taxes on those revenues.

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