Oil prices fell more than 5 percent on Monday, a sign of relief among investors that Israel’s retaliatory attack over the weekend against Iran was not as extensive and damaging as some officials and analysts had feared. The main U.S. oil price declined more than $4 a barrel, to less than $68.
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The national average price of gasoline fell to $3.01 per gallon this week—its lowest level since May 2021—ahead of what experts are predicting could be a record-breaking Thanksgiving travel season.
The national average fell for the sixth straight week this week to $3.01 per gallon, down 1.4 cents from last week, 11.2 cents from last month and 23.7 cents from a year ago, GasBuddy reported Monday.
At least 32 states have an average per-gallon price of $2.99, though the national average continues to hover above $3 as 18 states continue to have gas prices over $3 and two have prices over $4.
Although Ukraine used U.S. long-range missiles on Russia last week, leading to Russian threats that elevated oil prices, per-gallon prices are still low as companies instituted Thanksgiving promotions ahead of high travel days, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
The lowest average gas prices can be found in Oklahoma ($2.43), Mississippi ($2.58) and Texas ($2.60).
The highest average gas prices are in Hawaii ($4.53), California ($4.37) and Washington ($3.90).