US gas prices have tumbled for 2 months to notch their longest streak of declines in over a year

Gas prices at a Shell station on September 19, 2023 in Burbank, California. Mario Tama/Getty Images

• US gas prices have dropped for 60 consecutive days, per Bloomberg.
• It’s the longest streak of declines in more than a year, according to the report.
• A gallon of gas on average in the US costs $3.25, about 30 cents cheaper than this time last year.

US gas prices have dropped for 60 consecutive days, notching their longest streak of declines in more than a year.

The average gallon of gas in the US costs $3.25, about 30 cents less than the same time last year, according to Bloomberg. In 14 states, one gallon costs drivers less than $3.

That means Americans are saving some cash at the pump just as the critical holiday-shopping season kicks off. The streak of declines is also a welcome sign for the Biden Administration, which has tried to push the inflation-fighting might of “Bidenomics” in a bid for re-election in 2024.

Gas prices have broadly tracked the price of crude oil, which have tumbled over recent weeks as OPEC+ grapples with Saudi Arabia’s production cuts and disagreements within the energy cartel over output.

The group was meant to convene over the weekend, but pushed back its meeting to November 30.

Meanwhile, the Federal Reserve’s aggressive interest-rate hiking since March 2022 has weighed on economic growth and consumer spending, which analysts point to as one reason contributing to softer oil and gas prices.

On Monday, West Texas Intermediate dipped 0.8% to $74.92 a barrel, while Brent crude, the international benchmark, moved lower 0.7% to $80.03 a barrel.