Motorists in Tate County and across the country are catching a break just in time for the arrival of 2024 as gasoline prices continue to drop.
According to a recent report from the American Automobile Association (AAA), the national average price for a gallon of gasoline was within a penny of matching the 2022 low of $3.09 a gallon with expectations it will continue to fall.
AAA says the main reasons are tepid demand and a low cost for oil, which is hovering around $70 per barrel.
“AAA is forecasting that roughly 104 million Americans will drive to their holiday destinations this year, and they will be greeted with the gift of falling gas prices,” said Andrew Gross, AAA spokesperson. “With pump prices falling slowly each day, it is likely that the national average will slide below $3 per gallon by the end of the year.”
The average price of regular unleaded gasoline in Mississippi was the second lowest in the country as of Thursday, Dec. 21, at $2.618 with only Texas averaging lower at $2.54 a gallon. Oklahoma, Missouri and Arkansas are also among the top five states for low gas prices.
In November, the state average price was $2.813. Mississippi drivers were paying an average price of $2.769 a gallon this time a year ago.
GasBuddy reported Murphy USA and both Circle K stores in Senatobia had the lowest gas price in Tate County at $2.45 a gallon.
The Energy Information Administration (EIA) reported gasoline demand increased in mid-December.
Typically, higher demand pushes pump prices higher, but lower oil prices have pushed prices lower. If oil prices remain low, drivers can expect pump prices to do the same during the rest of the holiday season.
