UGA - Gas Poised To Fall Below $3 A Gallon: But Spare A Thought For The Heavily-Priced Europeans | Benzinga
U.S. motorists’ hopes that the price of gasoline will fall below $3 a gallon in time for the Christmas holidays could be realized in the next few days if benchmark oil prices keep falling on commodity markets.
Patrick De Haan, oil market analyst and Twitter’s @GasBuddyGuy, said Friday the national average pump price had fallen to $3.17 a gallon and was still moving lower.
Oil prices and wholesale gasoline prices were higher on Friday, however. The United States Gasoline Fund (NYSE:UGA), as an exchange-traded fund that tracks gas prices, was up 2% at $59.30.
The last time the average pump price was below $3 was in May 2021 — but back then it was on its way higher, following several years at less than $3. At its lowest in April 2020, during a massive drop in demand during the Covid pandemic, motorists were paying an average of just $1.84.
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