Weirdly, there’s one name not mentioned anywhere in this NBC News article
Average nationwide gas prices will dip below $3 per gallon this year, GasBuddy projects
For the first time since 2020, the annual average price of gas is projected to fall below $3 a gallon in 2026, the price-tracking group GasBuddy said in a new report Tuesday.
At $2.97, GasBuddy’s projected average for the year is 13 cents below the average price per gallon nationwide in 2025, which was $3.10.
“The world has spent years recovering from the economic whiplash of the pandemic and the shock of Russia’s invasion of Ukraine, but the situation has been improving quietly since 2022,” Patrick De Haan, GasBuddy’s head of petroleum analysis, said in a statement.
GasBuddy calculated the average by determining a monthly price range, averaging that and then taking the average of all 12 months. Full results were included in the group’s 2026 fuel price outlook report.
The last year that average annual gas prices nationwide were as low as GasBuddy projects for this year was 2020, when the Covid pandemic kept millions of Americans working from home and schools largely virtual.
It was $2.17 in 2020. $3.03 in 2021, $3.98 in 2022, $3.54 in 2023, $3.32 in 2024, $3.13 in 2024. Thanks to COVID and the policies of Biden and his Democrat Comrades it spiked hard and then was slow to come down. Now it’s up to Trump to set the conditions to get more drilling going and get the refineries working.
The events unfolding in Venezuela won’t immediately change anything for consumers at the pump, however.
“A lot of Americans may think there’s going to be some sort of overnight or even weekly or monthly improvement in Venezuela’s oil output, but this is really a clock that’s going to tick much slower,” De Haan told NBC News.
“Gas prices almost always start going up in the spring,” he added. “What’s happening in Venezuela is not going to stop that seasonal trend.”
Well, they sure went up quickly, but, yeah, harder to bring down, just like most goods.
The wholesale USA gas price is now st $1.75 about 15,% lower than when Biden left. The wholesale USA gas price is just about the same as the global wholesale price. Is Teach claiming that the wacko leader of his cult is responsible for the low global price of gasoline?
The low price of gasoline is being driven by a global lack of demand because the global economy. Not just UzsA economy is doing poorly. Despite the 15% decline in price, Gasoline consumption in USA is flat over the last year of declining prices. Fuel is increasing due to those “leftist” mandated mpg mandates. Even Trach is now driving a partially electrified vehicle. We are entering a deflationary economy, prices will decline when people are poor. Credit is already to tightening. Car loans are getting more and more expensive. People with lie credit are bring charged 13,% interest on a car loan with subprime up to 25%
As and for most Americans cars are mandatory to get up work
Fuel costs represent about 20% of the total ownership costts of owning/,using a car. When gas prices decline 15% the total ownership gifts decline by only 4%
Meh
Car ownership/use is generally est at less than 20% of income
The 15% drop in gas prices will thus save Americans about 1% of their income
About 1 cup of Dunkin per work day
We can all thank our King for daily freé coffee!
Excellent!!
Math makes so so many people angry
The U.S. does NOT set global oil prices. OPEC+ does.
“Oil prices aren’t set by one entity but are determined by the global interplay of supply and demand, influenced heavily by OPEC/OPEC+ production decisions, major producers like the U.S. and Russia.”
Saudi Arabia (and other Middle East nations can produce crude cheaply – about 1/3 the cost of US production! Opening the taps can drop global crude prices dramatically making expensive crude producers (e.g. United States) uneconomic.
Currently, the U.S. is the world’s largest crude oil producer, but OPEC+ can increase production and still make a significant profit, effectively squeezing U.S. producers. This simple fact explains trump’s bootlicking subservience to the Saudis.
Teach
Lower prices mean fewer drilling rigs.
The current production cost to or a new well needs oil to sell at 65 per barrel
It currently sells at 56 that is why active drilling rigs have fallen from 750 under Biden up about 1/2 because prices are you ok lue to drill
What would it be if California didn’t have its crazy formula and $5 or $6 gas?
Zendo
I tried to explain before
Current gas price in Cali is about $4.25 but the yearly cost of gasoline bought in 1 year is about the same as what the average driver would pay for gasoline in another state, like say North Carolina
Cali drivers drive only an average of 10k miles per year because everything is closer to where people go. NC drivers average 14000 miles saving the 30%vin addition Cali get the best mpg avg of 33.5 driving EVs and fuel efficient ICE cars that gives them another 30% savings
And then of course you must factor in the incomes of drivers in the 2 states. Avg household income in Cali is much higher at least 25%
Has anyone noticed that the people who were constantly bitching about high gasoline prices a year ago are the same people now bitching about the current low gasoline prices?
Bwaha! Lolgfy Losers!
MAGA47 Motherfuckers!
Puppy boy
Global prices and USA gas prices have gone down 15%
In the last year.
This because of a lack of demand
Puppy boy people last year like yourself were blaming Biden
Consumers today are not bitching about low prices. I am trying to explain WHY prices are low.
Prices are low because the economy is going so poorly. It hadn’t affected you so much because you are living off social security like a good socialist expects to do so in retirement. The bad economy hasn’t really affected me either, although my share of the 2400 dollar rent dropped from $312 dollar rent to $210. SOCIALISM!!
Just knew an incoherent response would be forthcoming.
Our esteemed host wrote:
But that’s just it: the covidiocy policies caused a serious drop in gasoline sales by volume, so fuel prices should have dropped dramatically due to lower demand, but they didn’t. Lower demand, but prices kept increasing.
Now, we see prices decreasing, with no decrease in demand, so clearly something else is changing the equation. Could that something else be federal government policies?
The price of crude oil is the primary determinant of long term gasoline prices.
see: https://www.eia.gov/dnav/pet/hist/leafhandler.ashx?f=m&n=pet&s=emm_epm0_pte_nus_dpg
Gasoline prices are and have been relatively volatile starting around the time of the Iraq invasion.
And gas prices did drop during the trump Covid pandemic. April 2020 was a low.
Prices also plummetted during the Bush Great Recession.
Politicians always take unjustified credit for positive events that occur while they’re in office, even events that they don’t influence.
Sounds like we need a recession to cause prices to drop!! Trump appears to be the man for the job.
Filled up yesterday at a gas station in central New Hampshire. Regular was $2.67/gallon.
$2.79 around St Louis. Last week in South Jersey it was about the same.
Well Dana of course anything is possible.
But
If you are suggesting that prices have dropped 15% because of new UD government policies you should tell us all why and how they had effected global gasoline price
Uzs had police is directly related to global prices. If gasoline is available cheaper in any country it can be shipped there for about 10 cents per gallon 4 bucks a barrel or even 2 bucks a barrel
Frilliling rigs active have dropped from a high under Biden of 750 to about 1/2 under Trump do the current lie price can not be attributed to the current lie count under Trump
GA/KY has some of the lowest prices for gasoline
How does your current annual has cost (miles drive divided by mpg times gasoline price) compared to that of a typical Cali owner ?
None of this will help California, Arizona and Nevada. Refineries in California are continuing to shut down as a result of California government policies. Regulators insist oil companies are “greedy” and have established profit limits making refinery operation untenable. At the same time, regulators insist that oil companies should invest in oil infrastructure to mitigate gasoline prices, in a state that promises to put them all out of business by 2035.
And Democrats want that for all 50 states.
Here in Virginia, it is a near certainty that our new governor (D) will restore the California climate goals that Governor Younkin cancelled.
Gas prices WILL e going up in Kali and also in Arizona, Nevada, Oregon etc because of Valero, Chevron and other companies shutting down all their Kali refineries….because of the evil GrabEm Nuisance and his policies.
The problem is… MAGA is now a cult. Invasions, kidnapping, murder, piracy in international waters; the US is now a rogue state headed by a rogue tyrant. I can’t wait for the mid-terms; 27 will be lit! Thank you for your attention on this matter.