As inflation increases the costs of most goods and services, gas is one of the few that aren’t becoming more expensive and may be cheaper this fall.
The national average for US gallon gasoline was $3.17 starting Monday, according to the U.S. Energy Information Agency.
“For many Americans, the fourth quarter has a lot of promise about gas prices falling in many regions,” says Patrick de Haan, head of oil analysis at Gasbuddy.
De Haan could drop to around $3 a gallon during October due to factors such as increased oil production from a group of countries known to OPEC+, a switch to a cheaper winter fusion of gasoline and a cut in federal reserve rates on Wednesday, De Haan said.
“In October, especially in November, there are still factors that could raise gas prices, including ongoing uncertainty and potential supply disruptions from hurricanes, but gas prices will likely fall 10-30 cents per gallon nationwide,” De Haan said.
“It looks pretty good for most local drivers,” he says.
Relief comes to the West Coast and the Northeast
Gas prices have risen slightly since late August, mainly due to significant prices rising across the country, mainly on the West Coast and the Northeast.
States such as Arizona, Washington, Oregon, California and Nevada have experienced supply problems caused by unscheduled maintenance, permanent refinery closures and significant pipeline shutdowns in the Pacific Northwest. Prices have risen in the northeast due to reliance on imported gasoline.
Prices on the West Coast and Northeast are expected to fall “very effectively” and should return to a more normal balance with the national average over the next six to eight weeks as supply issues resolve, De Haan said.
“There will probably be more relief in the West Coast and Northeastern United States over the next eight weeks than in other regions,” says De Hahn.
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