Gas Prices Reach Their Lowest Level Since 2021

AgDay 01/09/24 - Gas Prices

Following the holiday season, the pressure on gasoline demand has eased. As a result, AAA says the national average for a gallon of gas is now $3.07. That’s a few cents lower than where it started at the beginning of last year and more than 20 cents lower than February 2023. GasBuddy.com reports prices are now the lowest since 2021. Diesel prices are also down, now below $4 per gallon.

A graph of gas prices Description automatically generated

In the chart above, you can see where this year (in red) stack up against 2023 (in blue) and 2022 (in teal.) In 2021, gas prices started the year below $2.50. AAA says January is a pretty “blah” time of year. So, unless there’s a big shock to the global oil market, gas prices are likely to trend relatively sideways for a while.  

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Farm Business - General Crude Oil Markets - General Farm Economy
 

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