Gas Prices Could Drop Below $3 By Thanksgiving Due To Increased Production

Gas prices have been falling across the country in recent weeks and are expected to continue dropping over the next few months , according to CNN . On Friday (September 6), the average price of a gallon of gas in the United States fell to $3.30, a six-month low.

That's 50 cents lower than last year , according to the American Automobile Association's gas tracker.

Currently, ten states are enjoying sub-$3-a-gallon gasoline. Andy Lipow , president of consulting firm Lipow Oil Associates, told CNN that another nine states could dip below the $3 mark in the next two weeks.

GasBuddy's Patrick De Haan told CNN that prices will continue to fall, suggesting that between 35 and 40 states could see gas prices drop under $3 by Thanksgiving.

"Gas prices, after two-plus years of sizzling because of outside factors like COVID and Russia, are finally coming back into balance," De Haan explained.

The low gas prices are being driven in part by record production in the United States and soft demand in China. The low prices have OPEC+ countries concerned, causing them to abandon plans to increase oil supplies on October 1. The group of oil-producing nations, led by Russia and Saudi Arabia, will have to decide their next steps in November, just a few days before the presidential election.