UPDATE: The national average price for a gallon of regular gas has plummeted to $2.998, marking the first time it has dipped below $3 since May 2021. This significant drop was confirmed on Tuesday, as fuel prices have been steadily decreasing, creating immediate relief for consumers across the United States.
The last time gas prices were this low was on May 2021, when the average was $2.985. This recent decline is particularly timely, coming just ahead of the Thanksgiving holiday, as many Americans prepare for travel. On Wednesday, prior to the holiday, prices were recorded at $3.042, showcasing a rapid decrease in just a matter of days.
The trend toward lower prices began to emerge last week and has continued, reflecting a national shift in fuel affordability. According to AAA, as of Monday, 31 states boasted average gas prices under $3 per gallon, with Oklahoma leading the way at a remarkable $2.404 per gallon. Following closely are Texas at $2.554, Arkansas at $2.573, and Mississippi at $2.579.
This price drop aligns with Donald Trump‘s campaign promise of improving affordability for Americans, as he has consistently highlighted the decreasing gas prices since taking office in January. After experiencing record highs during the Biden administration, gas prices have steadily declined, particularly in the latter half of 2024.
While the national average is below $3, regional disparities persist. States like California report the highest prices in the nation, with an average of $4.578 per gallon, and some areas exceeding $5 per gallon. This stark contrast underscores the varying impact of gas prices across the U.S., with the Gulf Coast states enjoying significantly lower costs.
The implications of this price drop are far-reaching. As families gear up for holiday travel, the affordability of fuel becomes a critical factor in their plans. The last-minute surge in travel demands will likely keep consumers attentive to fluctuating prices in the coming weeks.
In summary, the national average gas price’s plunge below $3 is a noteworthy development, promising immediate benefits for consumers just in time for the holiday season. Observers will be keen to watch how prices adjust in the upcoming days as travel increases and economic factors continue to evolve.
