Gas prices have gone down to the lowest they have been since over a year ago, just ahead of the holidays, as many get ready to travel.
The decrease in gas prices comes after historic highs over the summer, when regular unleaded gas went for $5.02 per gallon, and diesel gas went for $5.82 per gallon. At $3.18, the national average price of gas is now the lowest it has been since September 2021, according to AAA.
Texas holds the lowest average price of gas at $2.65, with many other Southern states, including Alabama, Georgia, Arkansas, and Louisiana, having averages below $3. The state with the highest average gas price is Hawaii at $5.12, while California and Nevada are the only other states with an average above $4 at $4.49 and $4.13, respectively.
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In late September of last year, the national average was $3.18 per gallon from Sept. 22 through Sept. 30. During the last week of September 2021, several states, such as Ohio, Kentucky, and Indiana, experienced a slight decrease in their average gas prices, while a few others, such as Arizona, Illinois, and Michigan, went up by a few cents.
The decrease in the national average for gas prices will likely be welcomed ahead of Christmas and New Year’s, as almost 102 million people in the United States are expected to travel by vehicle over the holidays. The 2022 holiday season will see an additional 2 million drivers compared to last year, according to AAA.
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The Bureau of Labor Statistics report that was published Tuesday morning showed annual inflation slowing to 7.1% last month, outpacing the projected 7.3%. Core inflation, which factors out food and energy prices, also decreased to 6% in November.
“This is welcome news for families across the country as you get ready for your holiday celebrations and family dinners,” President Joe Biden stated.
