Gasoline costs have not been this low since July 2021

Matt Egan | CNN Enterprise

The large gasoline surge in 2022 has come to an finish fully, giving customers a major increase after a 12 months of excessive inflation.

The nationwide common for normal gasoline fell to $3.14 a gallon on Monday, based on the AAA. Gasoline costs have not been this low since July 2021.

After a gradual rise final 12 months, pump costs jumped in early 2022 following Russia’s invasion of Ukraine. In June, the nationwide common reached a file excessive of $5.02 per gallon.

However costs have cooled since then, and the decline has accelerated in current weeks. In keeping with the AAA, the nationwide common value of standard fuel has fallen 12 cents within the final week and 54 cents within the final month. Shopping for fuel is on common 17 cents cheaper than on the identical date final 12 months.

Patrick De Haan, head of oil evaluation at GasBuddy, advised CNN on Friday that the nationwide common might fall beneath $3 a gallon on Christmas Eve.

Common costs are already beneath $3 a gallon in 21 states, together with Ohio, North Carolina and Colorado, based on AAA. In California, the statewide common price of standard gasoline fell to $4.38 from a file excessive of $6.44 in June.