Gas prices hit cheapest December levels in 4 years as holiday travelers hit the road nationwide

Core Insights - Gas prices have decreased to an average of $2.89 per gallon, marking the lowest December prices since 2020, despite increased demand due to holiday travel [1][2] Gas Prices Overview - The national average for regular gasoline fell more than 4 cents last week to $2.89 [1] - AAA described the year as "stable" for gas prices, with no significant spikes [2] Crude Oil Supply and Prices - The drop in gas prices is attributed to a significant oversupply of crude oil, with prices falling below $60 per barrel [3] - West Texas Intermediate (WTI) crude oil is trading around $56.55 per barrel, while Brent Crude is near $59.82 per barrel [4] State-Specific Gas Prices - The states with the cheapest gas prices include: - Oklahoma: $2.34 - Arkansas: $2.46 - Iowa: $2.47 - Colorado: $2.49 - Wisconsin: $2.51 [5] - The states with the highest prices include: - Hawaii: $4.43 - California: $4.33 - Washington: $3.96 - Alaska: $3.59 - Oregon: $3.57 [5] Future Projections - EIA's November Short-Term Energy Outlook predicts Brent Crude prices will decline from $69 per barrel in 2025 to $55 per barrel next year, with retail gas prices expected to hover around $3 per gallon in 2026 [14]