U.S. gas prices drop to a 6-month low, easing consumer costs and potentially falling below $3 a gallon by Thanksgiving as oil production rises.
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The oil market is spinning as more gas is being pumped in America than ever before. US gas prices fell to a 6 month low of $3.31 a gallon on Thursday. This is a downfall of 50 cents from this point last year. In over 10 states drivers are now paying almost less than $3 a gallon for gas which is saving Americans monthly operating their vehicles. Projecting around Thanksgiving we could see a nationwide price of gas to be below almost $3 a gallon. The drop in gas prices will help ease the consumer financial burden seen from inflation as we start to see a bottom in inflation rate. The sharpest decline in gas prices has been seen at states like Arizona and Georgia with almost 50-80 cent drops.
President Donald Trump made promises that if president he predicts to see gas get as low as $2 a gallon, stated at his speech in New York. The lowest gas during Trump's presidential election was $1.87. The financial markets have seen a rally after the Fed cut interest rates for the first time since 2020. Many will be watching the markets as many key events creep up prior to the presidential election around the corner.
