U.S. drivers are experiencing welcome relief at the gas pump, with the national average for regular gasoline dropping to $3.01 per gallon—the lowest level in three years.

AAA and GasBuddy report the price is on the cusp of falling below $3, with some regions already seeing sub-$3 rates. Oklahoma, Mississippi, Texas, Arkansas, and Kansas are currently enjoying the most affordable fuel prices nationwide.

Patrick De Haan, GasBuddy’s head of petroleum analysis, predicts a stabilization in prices. “We’re closing in on a bottom,” he explained. “We may stay within five to 10 cents of today’s $2.99 national average for the next week or two.”

De Haan anticipates slight increases around the holiday season, potentially rising by a nickel or dime. More significant price increases are expected by mid-February, following typical seasonal trends.

For context, regular gas averaged $3.15 per gallon last year and peaked at a record $5.01 in June 2022. The current low prices come amid a U.S. finished motor gasoline demand of 8.738 million barrels per day for the week ending November 29.

While drivers enjoy the temporary reprieve, experts suggest monitoring potential future fluctuations in the volatile fuel market.

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(Image credit: Matjaz Slanic)