Drivers in DeSoto County and across the country are getting an early Christmas present each time they fill up their gas tanks as prices have continued to fall over the past several weeks.
According to a report from the American Automobile Association on Thursday, the national average price for a gallon of gasoline was within a penny of matching the 2022 low of $3.09 a gallon with expectations that it will continue to fall. The dip continued with the national average on Sunday at $3.068 a gallon.
AAA says the main reasons are tepid demand and a low cost for oil, which is hovering around $70 per barrel.
“AAA is forecasting that roughly 104 million Americans will drive to their holiday destinations this year, and they will be greeted with the gift of falling gas prices,” said Andrew Gross, AAA spokesperson. “With pump prices falling slowly each day, it is likely that the national average will slide below $3 per gallon by the end of the year.”
On Sunday, the average price of regular unleaded gasoline in Mississippi was the second-lowest in the country at $2.618 with only Texas averaging lower at $2.54 a gallon. Oklahoma, Missouri and Arkansas are also among the top five states for low gas prices.
The Mississippi average is lower than the previous day average of 2.621 and lower than a week ago at $2.683. One month ago, the state average price was $2.813 and one year ago, Mississippi drivers were paying an average price of $2.769 a gallon.
AAA posts prices in the Southaven-Olive Branch area and on Sunday prices were averaging $2.644 a gallon, nearly a penny less than Saturday and a nickel lower than a week ago. One month again, local drivers were averaging $2.774 a gallon and one month ago the average price was $2.687 a gallon.
The driver reporting website GasBuddy reports that the Walmart in Horn Lake has the lowest gas price in DeSoto County at $2.34 a gallon, followed by the Murphy USA station down the street in Horn Lake at $2.35. All 10 of the top-10 lowest stations in DeSoto County reported prices below $2.40 a gallon.
The Energy Information Administration (EIA) reported that gas demand has increased during the last week. Typically, higher demand would push pump prices higher, but lower oil prices have pushed prices lower. If oil prices remain low, drivers can expect pump prices to do the same during the holiday season.