The US national average gas price sits at $3.03 per gallon, according to Gasbuddy.com, continuing a decline in retail gas prices since October of this year. In addition, 31 states across the US have fallen below a $3 level. Yahoo Finance Senior Business Reporter Ines Ferré joins the Live show to break down the latest development for both gas and oil prices.

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Video Transcript

AKIKO FUJITA: Oil prices on the rise today. But we are seeing gas prices here at home on the decline. Here with the latest, our very m Ines Ferre. Ines, this has certainly got to be good news, at least on the inflation front.

INES FERRE: Oh, for sure. For drivers that are looking to fill up their tanks, they are seeing lower and lower oil prices. In fact, for-- excuse me, gasoline prices.

For the last 13 weeks, we have seen a downward trend in gasoline prices. That's the average that you're looking at nationally. That's according to GasBuddy. $3.03 per gallon. Just $0.03 off of that $3 per gallon level.

So it's-- I've spoken to several analysts. And they are predicting that yes, by the end of the year, if these trends continue, you are likely to see sub $3 per gallon levels across the US. Of course, California, where you're at Akiko, is a little bit pricier. But still, we have seen prices decline there as well.

And 31 states right now, according to GasBuddy, are seeing prices under the $3 level. Now even Opus, which is a pricing agency, has said that in about more than 60% of fueling sites across the US, you are seeing those prices below the $3 level. And that is sort of also a psychological level as well for many drivers when they go to fill up their tank. But it is also a big relief for consumers.

In fact, Opus data is showing that last year, when you saw the prices above $5 per gallon on a national average level, that was in June of 2022, you had consumers that were spending a total of $1.9 billion per day on gasoline. Today, that is $775 million less. So it is a huge relief for consumers.

Also, diesel prices are on the decline as well. You're seeing diesel prices, according to GasBuddy, at $3.99 per gallon. Just around that $4 a gallon level. Yes definitely, this bodes well with the fight against inflation, guys.

RACHELLE AKUFFO: Indeed. It certainly helps that that winter blend of gas also cheaper as well. So some welcomed news for the consumer. Appreciate you, as always. Our very own Ines Ferre.