Midwest Drivers Score Big Savings as Gas Prices Tumble
For drivers across the American heartland, the end of the year is shaping up to be a wallet-friendly season. The latest data reveals a significant drop in gas prices throughout the Midwest, providing a welcome relief just as families hit the road for holiday travel. The regional average is already sitting comfortably below the national benchmark, and in some areas, we are seeing prices at levels not witnessed in years.
The national average for a gallon of regular unleaded gasoline settled around $3.02 per gallon as of the end of November, marking a decline of approximately six cents from the previous week. While the drop is good news for everyone, the best deals are clearly being found in the Midwest and Gulf Coast states, where a vast number of locations have dipped below the $3.00 threshold.
Across the Midwest region, the average price is currently hovering around $2.86 per gallon, a stark contrast to the higher costs seen on the West Coast. Some states are doing even better. Oklahoma, for instance, has been the standout champion of cheap gas, recording an average of just $2.53 per gallon. In fact, certain stations in Midwest City, Oklahoma, were spotted selling regular unleaded for an astonishing $1.99 per gallon, a price point that hasn’t been a regular feature since 2021.
So, what is driving this pleasant downward trend? Experts point to a perfect storm of favorable market conditions. The most significant factor is the continued slide in crude oil prices, which typically account for about half of what you pay at the pump. The global oil benchmark, Brent crude, has been averaging around $63.94 per barrel, a low figure that eases pressure on refiners. The US benchmark, West Texas Intermediate, has also fallen, in some cases dropping below $60 per barrel.
Beyond the oil market, two seasonal factors are playing a critical role. First, refineries across the country are wrapping up their annual maintenance and are back to healthy output levels. Second, there is the seasonal switch to a less expensive “winter blend” of gasoline. This blend is easier and cheaper to produce than the summer formulation, which is specifically designed to reduce smog.
While holiday travel is predicted to be strong this season, the overall seasonal demand for gasoline is lower than during the summer peak. This reduced demand helps to keep the pump prices in check, despite the busy travel days around Thanksgiving and Christmas. Analysts anticipate that prices will continue to fall as the year closes out, meaning drivers should enjoy some of the lowest pump prices they have seen in the last four years. It appears the days of sustainable sub-$2 gas are slowly but surely making a return, at least in the most cost-friendly parts of the nation.