Gas prices are plummeting. Experts explain why.
Gas prices have plummeted about 13% from a 2024 peak in April, which amounts to a decline of nearly 50 cents per gallon, according to AAA data shared with ABC News.
New York gas prices fell from last week: See how much here
State gas prices fell for the second consecutive week and reached an average of $3.23 per gallon of regular fuel on Monday, down from last week's price of $3.28 per gallon, according to the U.S. Energy Information Administration.
Gas prices: Increase at the pumps on Wednesday
After weeks of falling prices, gas prices increased slightly on Wednesday. The national average price for a gallon of regular gas rose to $3.215, according to AAA. This was more than Tuesday’s average price of $3.
Small nudge at pumps as gas prices increase for 1st time in 5 weeks
Gas prices in Newfoundland and Labrador are up by less than a cent Thursday, marking the first time in five weeks prices have increased.
How low will Massachusetts gas prices get this fall?
AAA predicts the average price of gas in Massachusetts will fall below $3 a gallon before the end of October. And based on seasonal trends, the decline might not bottom out for a few more months.
Why are gas prices plummeting?
Consumers are seeing sharp declines in prices at the gas pumps, and experts say it's expected to continue for months. One driver at a Cleveland, Ohio, gas station says, "who wouldn't be opposed to seeing $2 on a gallon of gas prices.
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