UPDATE: The national average price for a gallon of regular gas has dropped to $2.998, marking the first time prices have fallen below $3 per gallon since May 2021. This significant decrease comes just ahead of the holiday season, providing relief for millions of American drivers.
The latest data, confirmed by AAA, shows that gas prices have been steadily declining in recent weeks. Just a week before Thanksgiving, on November 22, the national average was $3.042. By the holiday, prices had dipped to just over $3.02, continuing a downward trend that has now culminated in this historic low.
This drop is particularly noteworthy as it comes after a period of consistently high prices during the Joe Biden administration, which saw averages soar above $4.00 in 2022. The current price fluctuation reflects a broader trend of improved affordability for consumers, a key promise of the Trump administration as it heads into the 2024 election cycle.
Despite the national average falling under $3, prices vary widely across the United States. States in the Gulf region enjoy the most affordable gas, with Oklahoma leading at an average of $2.404 per gallon. Texas follows closely at $2.554, with Arkansas at $2.573 and Mississippi at $2.579.
Conversely, the West Coast faces the highest gas prices, with California averaging a staggering $4.578 per gallon, and some counties reporting prices nearing $6. The disparity underscores the regional differences in fuel costs across the nation, with Hawaii and Washington also reporting averages above $4.00.
As consumers celebrate this drop, experts caution that prices can fluctuate rapidly due to various factors, including seasonal demand and geopolitical tensions affecting oil supply. Observers are watching closely to see if this trend continues into the winter months.
In summary, the fall of gas prices below $3 is not just a welcome development for consumers but also a significant political talking point as the 2024 elections approach. With affordability becoming a central issue, this trend could influence voter sentiment in the months ahead.
Stay tuned for more updates on this developing story as it unfolds.
