Gas prices in the U.S. dropped below $3 a gallon, with the national average at $2.969 per gallon, 16 cents lower than last year. California drivers pay an average of $4.624 per gallon, while Oklahoma sees $2.557. Prices expected to drop further due to increased oil production and weaker demand.

Oil prices have fallen significantly in 2025, with Brent crude at $61.31 per barrel and WTI at $58.06. Oversupply fears due to OPEC+ production cuts and U.S.-China trade tensions have led to lower prices. Wall Street predicts oil markets could be oversupplied by 1.9 million b/d in 2026.

Standard Chartered analysts predict higher oil prices next year due to robust demand and economic stimulus measures. U.S. oil supply at all-time high, but producers may cut output due to low prices. Weaker global demand expected in Q4 due to trade wars, prompting potential economic stimulus.

Europe’s natural gas prices stable at €32 per megawatt-hour. EU storage levels at 82.9% of max capacity, easing winter shortage fears. Recent Russian attacks on Ukraine’s gas infrastructure led to a 60% output drop. Colder weather expected to boost demand, but long-term gas outlook remains bearish.

Read more at Yahoo Finance: Gasoline Prices Drop Toward Pandemic-Era Lows