Gas prices hit lowest level since 2021, national average $3.15 per gallon

Gasoline prices hit their lowest levels since 2021, with a national average of $3.15 per gallon. Lower oil prices following a ceasefire announcement between Israel and Iran contributed to the drop. Analysts predict prices could fall below $3 later this year, but weather and Middle East tensions remain uncertain factors.

Despite relief at the pump, the next months might see fluctuations in gas prices. Demand remains steady, with varying prices across the country. California continues to have the highest prices due to special fuel blend requirements, taxes, and the expected shutdown of major refineries.

Cheaper gas is good news for the 61 million travelers this weekend, saving around $500 million on gasoline. However, the market may see fluctuations in July and August due to US refining issues. Energy analysts expect prices to dip below $3 per gallon as the driving season ends and refineries switch blends.

Read more at Yahoo Finance: Gas prices hit lowest level since 2021