Gas prices continue march down to $3-per-gallon mark: Outlook moving forward?

The average price for gas across the U.S. on Monday is at $3.03 a gallon, inching ever closer to the mythical $3-per-gallon psychological barrier.

GasBuddy reports that the average nationally is down 3.8 cents per gallon from a week ago.

“Sluggish gasoline demand has led to the national average easing again, and brings back the potential for the national average to drift under $3 per gallon for the first time since 2021,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

The Virginia average is $2.93 per gallon, down four cents a gallon from last week.

The national average price of diesel has fallen 5.6 cents in the last week and stands at $3.90 per gallon.

De Haan sees potential for continued softening of prices at the pump going forward.

“With a record rise in gasoline inventories last week as demand was anemic during the holidays, motorists have provided the catalyst for falling prices. If demand remains weak, gasoline prices could fall further,” De Haan said.