The recent decline in oil prices, with US crude falling below $70 a barrel, suggests that gas prices may drop towards $3 a gallon nationally. Gas prices reached a low of $3.10 a gallon in late December last year. The sell-off in the oil market is attributed to various factors, including concerns about weak demand in China, increased oil supply from the US, and disappointment over the recent OPEC+ decision. Some analysts believe that this indicates OPEC+ may be losing its ability to control prices. The voluntary nature of the supply cuts agreed upon by OPEC+ members last week has also raised skepticism about their effectiveness. Despite the oil sell-off, gas prices have already fallen to $3.22 a gallon, which is an 11-month low. It is expected that gas prices will further decline by 5 to 7 cents a gallon in the coming week. However, any new turmoil in the Middle East or a Venezuelan takeover of Guyana could potentially revive oil prices. The recent sell-off is described as a "meltdown" and was triggered by concerns about weak energy demand following the release of federal data showing a significant increase in weekly gasoline inventories.
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