U.S. Gas Prices Drop to Three-Year Low

European gas prices have seen a decline due to milder weather forecasts and a change in Russian policy that allows European buyers to bypass currency conversion with sanctioned Russian banks. This has led to a modest decrease in prices, with the Dutch Title Transfer Facility showing a drop to 46.26 euros per megawatt hour. In Canada, gas prices have also fallen slightly to an average of $1.536 per litre, bolstered by rising gasoline inventories and a delay in OPEC+'s planned output increase. Meanwhile, in the U.S., the national average price for a gallon of gas is $3.03, nearing the $3 mark for the first time since May 2021, with 32 states already reporting averages below this threshold. The market dynamics indicate an oversupply of oil and a shift towards cleaner energy, leading to a bearish outlook for oil prices in the coming years. As these trends unfold, consumers should be aware of regional price variations and upcoming holiday travel costs.