National average for gas nears $3, experts warn the declines could stop soon

PITTSBURGH — As people prepare to drive to their holiday destinations this week, they can also plan to pay a little less at the pump.

According to AAA, gas prices fell here in Pennsylvania, and nationwide, for the 13th week in a row.

AAA says the average price for a gallon of gas in Western Pennsylvania is $3.456. That’s about seven cents lower than last week and 34 cents lower than this time last year.

The average in Pittsburgh is a little higher than the region, at $3.496.

Nationally, AAA says the average for a gallon of gas is down to $3.06, which is lower than gas ever was in 2022. It’s also down nine cents from last week’s average.

Experts are GasBuddy think the average for gas could dip below $3 for the first time in years — at least for a short time.

“Gasoline could see its average fall below $3 this week while the price of diesel has just fallen below $4 for the first time since July, also very welcome news for the economy as nearly all goods are impacted by the price of diesel. All in all, the news continues to be good in terms of fuel prices as we enter into the closing innings of 2023,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Similar to previous weeks, AAA says gas prices fell again because of moderate demand, low cost for oil and high domestic gasoline stocks.

But, GasBuddy notes oil prices have rebounded some after the US Federal Reserve announced plans to possibly cut interest rates in 2024. This could mean the consistent steadily declining gas prices will soon come to an end.

Download the FREE WPXI News app for breaking news alerts.

Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW

©2023 Cox Media Group