Forecasters say 2026 will be the cheapest year for gas since Covid
CNN••business
Key Points:
- Gas prices in the US are forecasted to average $2.97 per gallon in 2026, marking the fourth consecutive year of declining prices and the first time since 2020 that the annual average falls below $3.
- This trend provides relief amid rising costs in other areas like groceries, electricity, and home heating, with Americans expected to spend $11 billion less on gas compared to 2025.
- The decline in prices is attributed to increased oil supply, notably from Saudi Arabia-led OPEC and sustained US production, despite some anticipated reductions in US drilling activity.
- Potential risks to this outlook include regional instability following the US strike on Venezuela, ongoing conflict in Ukraine, tensions in the Middle East, and possible OPEC production cuts
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