Average price of gas plunges to cheapest in over a year

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Average price of gas plunges to cheapest in over a year
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While the White House was quick to point out the latest numbers, AAA says seasonality is the main cause — and not everyone is seeing cheaper gas. FOX13

AAA said there are now approximately 34 states with averages lower than last year. However, western states including California, continue to see gas prices higher than the national average. Whereas many southern states, such as Texas, are seeing the exact opposite.

"If this trend continues, many states could see their average prices fall below $3 a gallon by early next year."Analysts say gas prices will likely continue to drop, though not as sharply as in recent weeks given the decision by OPEC to continue cutting production.Biden signs Inflation Reduction Act into law

Wholesale prices in the United States rose 7.4% in November from a year earlier, a fifth straight slowdown and a hopeful sign that inflation pressures across the economy are continuing to cool.

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