America is pumping so much oil that gas could be below $3 by Thanksgiving
CNN
The oil market is in another tailspin. OPEC+ is scrambling to stop the bleeding. And gas prices are falling fast – with more to come.
The oil market is in another tailspin. Producer group OPEC+ is scrambling to stop the bleeding. And gas prices are falling fast, with more to come. All of this is music to the ears of drivers. US gas prices fell to a fresh six-month low of $3.31 a gallon on Thursday, down 50 cents from this point last year, according to AAA. Drivers in 10 US states - including Texas, Kentucky and Kansas - are paying less than $3 a gallon on average. Andy Lipow, president of consulting firm Lipow Oil Associates, expects that another nine states will join the sub-$3 list in the next two weeks. Data from OPIS, which tracks gas prices at 130,000 stations nationwide, shows that nearly 41,000 of those stations, or nearly one out of every three, are already charging less than $3 a gallon for regular gas. A year ago at this time there were barely 100 stations nationwide that were below the $3 mark. By around Thanksgiving, approximately 35 to 40 states could be below $3 a gallon, GasBuddy’s Patrick De Haan told CNN on Thursday.
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