Gas Prices Have Dipped But Experts Say They May Fall Even More

woman in black tank top sitting beside the gasoline machine
Via Pexels
Adé Hennis
November 13, 2023

In late October, the national average price for a gallon of gasoline reportedly dropped to $3.52.  Consumers in states such as Georgia and Mississippi have even seen gas prices below $3.

"More [states] will follow in the next few days," said AAA spokesperson Andrew Gross. As of November 1, 2023, the national average is $3.46. California, which typically has the highest gas prices in the country, has an average of $5.24.

One of the biggest contributors to gas prices falling is the price of crude oil dropping, which is the resource used to make gasoline. "We've seen a very recent drop in crude oil prices," said Severin Borenstein, a professor at the University of California, Berkeley.

Another contributor to gas prices dropping is a decrease in demand. Demand for fuel typically drops compared to the summer time. But demand this year has fallen below lows that occurred in 2020, when many Americans were primarily at home during lockdowns.

"If oil prices continue to descend, drivers can expect further price drops at the pump in the weeks ahead,” said AAA spokeswoman Adrienne Woodland. With gas prices expected to drop even further, consumers can take advantage of the lower than normal prices.

We have a quick favor to ask:

PushBlack Finance is a nonprofit dedicated to raising up Black voices. We are a small team but we have an outsized impact:

  • We reach tens of millions of people with our BLACK FINANCIAL NEWS & ECONOMIC EMPOWERMENT STORIES every year.
  • We fight for ECONOMIC JUSTICE to protect our community.
  • We run VOTING CAMPAIGNS that reach over 10 million African-Americans across the country.

And as a nonprofit, we rely on small donations from subscribers like you.

With as little as $5 a month, you can help PushBlack raise up Black voices. It only takes a minute, so will you please ?

Share This Article: