Gasoline prices in the U.S. are predicted to drop to their lowest level since 2020, with an average of $2.79 per gallon on Christmas Day, down from $2.95 a year ago. This trend is attributed to increasing supplies and lower winter demand, marking the cheapest gas since 2020.

The national average gasoline price has fallen to $2.905 per gallon, the lowest since 2021. Prices vary by state, with Oklahoma at $2.339 and California at $4.343 per gallon. Diesel prices have also dropped to $3.642 per gallon from $3.765 a month ago.

Crude oil prices are declining due to oversupply, weak demand growth, and geopolitical risk easing. Brent crude is at $59.88 per barrel, down from $62.44, while WTI crude is at $56.12 per barrel, down from $58.74 a week ago.

Read more at Yahoo Finance: Christmas Day Gasoline Prices Set To Fall To Covid-Era Levels