Gas Prices Drop to Lowest Level Since 2021

December 2, 2024 TruthUSA

The trend is expected to continue through the holiday season.

The nation’s average price of gas fell for the seventh straight week, to $3 per gallon for the first time in three years, according to GasBuddy on Monday.

GasBuddy collected the data from more than 12 million individual price reports covering more than 150,000 gas stations across the country.

The new numbers show that the national average fell $0.06 from one week ago, $0.077 from a month ago, and $0.0232 per gallon lower than a year ago.

“Millions took to the road for Thanksgiving, and while some regions, like the Great Lakes, saw gas prices rise just in time for travel, most of the nation saw prices hold mostly stable or decline slightly as the national average remains near the lowest level we’ve seen since 2021,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement.

The lowest average gas prices can be found in Oklahoma at $2.96, Texas at $3.10, and Mississippi at $3.08 per gallon.

Meanwhile, the highest average gas prices are in Hawaii at $5.29 per gallon, California at $4.81, and Washington at $4.30.

The trend is expected to continue through the holiday season.

During the 2024 presidential election, Americans nationwide expressed concerns about the cost of living and everyday prices.

President-elect Donald Trump on the campaign trail promised to cut energy prices by at least half within a year of taking office with a plan to “drill, baby, drill” to achieve the goal and move away from President Joe Biden’s focus on climate initiatives.

Earlier this year, the Biden administration announced that it would be releasing 1 million gasoline barrels from a Northeast reserve to lower prices over the summer. The amount, 42 million gallons, was equivalent to less than three hours of U.S. daily gas consumption.

For his part, Trump has threatened tariffs on other countries, which could impact the global oil market and further reduce prices at local gas stations.

“While the potential impacts from tariffs are something to watch, they would have no effect until late January, if implemented at all,” De Haan said. “For this week, all eyes will be on the previously delayed OPEC [Organization of Petroleum Exporting Countries] meeting on Thursday. If they begin to restore oil production, oil prices could soften.”

In addition, if Trump decides to remove Iran’s oil production from the global market, the gap could be filled by other OPEC member countries, such as Saudi Arabia, according to De Haan.

Trump also announced plans to create a National Energy Council that will establish American “energy dominance” in the world as he seeks to boost U.S. oil and gas drilling.

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