Gas Prices Drop to $3.12 Per Gallon Nationally After Soaring Over $5 This Summer

• Gas prices have fallen from June peak of over $5/gallon to current national average of $3.12/gallon

• Decline due to lower gasoline demand, changing driving habits after pandemic, and drop in crude oil prices

• U.S. oil production reached record levels in 2022, further easing prices

• GasBuddy predicts 2023 national average price will be $3.38/gallon, down from $3.51 in 2022

• Further gas price declines expected to boost economy and allow Fed to cut interest rates 3 times in 2024 as inflation falls