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Story summary
- U.S. gasoline spending is expected to average under 2% of disposable income in 2025, marking a 20-year low, per the Energy Information Administration (EIA).
- Gas prices are projected to average $3.10 per gallon this year, decreasing from $3.30 in 2024, with a potential drop to $2.90 in 2026.
- Oil prices declined due to increased output from OPEC and Russia, affecting U.S. production growth.
- Baker Hughes noted a slight rise in oil and gas rigs, though the total count is down 7.7% from last year.
- EIA forecasts U.S. crude output to reach 13.4 million barrels per day in 2025.