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Drivers in the Capital Region are enjoying lower gas prices as the average cost for a gallon of regular fuel has dropped to $3.01. This marks a four-cent decrease from last week and a 12-cent decline from a month ago, according to AAA. The state average is slightly higher at $3.03, while the national average stands at $2.81.
The decrease in gas prices is attributed to strong supply and low crude oil prices. The Energy Information Administration (EIA) has noted an increase in gasoline production, contributing to the stable prices. Additionally, the use of the cheaper-to-produce winter blend gasoline is helping to keep costs down.
The Times Union highlights that this is the lowest national average since 2021, with some prices dropping below $3. The trend is expected to continue, with GasBuddy predicting that prices will remain low in the coming months.
AAA's data indicates that the national average has remained below $3 since early December, marking the cheapest December at the pump since 2020. Despite increased demand over the holidays, prices have remained stable, offering relief to consumers.
