The national average price has fallen 35 cents from a 2023 peak in September.
A man pumps gas into a vehicle at a petrol station, Oct. 2, 2023, in Alhambra, Calif.But one major expense has offered welcome relief in recent weeks: gasoline.
"More will follow in the next few days," Andrew Gross, an AAA spokesperson, told ABC News, adding that he expects a continued decline in the national average.In California, the state with the highest gas prices, the average gallon has fallen 57 cents over the last month and drawn close to $5.
Diminished demand has lowered the profit margin derived from the difference in the cost of crude oil and the sale price of gasoline at the pump. That dynamic has driven gasoline prices down even further as crude oil costs fall and refiners take smaller profits, Borenstein said. The price declines will continue because a drop in crude oil costs typically takes a few weeks to impose its full downward effect on the price of gasoline, Borenstein said, estimating that the national average could drop another 15 cents by the end of 2023.
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