Will Gas Prices Continue to Decline?
Summary from the AllSides News Team
Gas prices have steadily fallen for months. Will this trend continue?
Details: The average national price for a gallon of gas currently sits at $3.24, a 26 cent drop from less than a year ago. Texas, Oklahoma, and Mississippi are experiencing the lowest prices, with costs per gallon sitting roughly around $2.75.
Why? The declining prices are being attributed partly to decreased demand typically experienced during the winter months and record levels of domestic energy production. According to the New York Times (Lean Left bias), United States oil companies are producing 3.2 million barrels a day.
Will it Continue? Some voices are expressing concern that prices could rise next year as a result of last week's announcement that several OPEC+ countries will reduce production in the initial months of 2024.
How the Media Covered It: The New York Times framed increased U.S. energy production as a double-edged sword, highlighting both the lower gas prices and the environmental impact of increased drilling and fossil fuel consumption. Similarly, the article highlighted how lower gas prices politically benefited the Biden Administration with economically focused voters, but increased drilling could upset environmentally focused voters. Fox Business (Lean Right bias) highlighted moderate concern that gas prices could rise starting in 2024, but did not attribute the price decrease to actions by the Biden Administration.
Why the Difference? Left-rated outlets typically highlight environmental concerns in tandem with economic concerns, while right-rated outlets typically prioritize economic concerns in coverage.
Featured Coverage of this Story
From the Left
Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears
American oil fields are gushing again, helping to drive down fuel prices but also threatening to undercut efforts to reduce greenhouse gas emissions.
Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022, and analysts expect the industry to add another 500,000 barrels a day next year.
From the Center
Can gasoline prices keep falling after OPEC+ oil output cuts? What drivers need to know.
U.S. drivers don’t need to be too concerned about the first-quarter oil output cuts announced by major producers this week, but an extension of the reductions beyond March would be cause for worry when it comes to gasoline prices at the pump.
On Thursday, the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, announced that several of its members agreed to make voluntary reductions to their crude production in the first three months of 2024.
The reductions total 2.2 million barrels and include an extension...
From the Right
Gas prices’ downward trend continues – for now: AAA
The average price of gas dipped to $3.24, only a 2-cent drop from the week prior, according to the latest report from AAA. Pump prices on average are 26 cents less than a month ago and 26 cents less than a year ago.
The decrease in gas prices may lose momentum following a recent uptick in oil prices. Reduced demand for gas has helped keep pump price increases in check, AAA said.
"The current streak of daily pump prices either falling or staying flat started on September 19," AAA...
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