Gas prices in the US have fallen below $3 per gallon nationwide under President Donald Trump for the first time since May 2021, marking a significant relief for drivers as the holiday season approaches, GasBuddy reported.
“We haven’t seen the national average fall this low in over four years, and the speed and breadth of the decline are remarkable,” with prices dropping in all 50 states over the past Patrick De Haan, head of petroleum analysis at GasBuddy, said in an announcement.
US gas prices: What’s behind the price drop?
This milestone comes amid easing crude oil costs, robust refinery output, and seasonally weaker fuel demand, according to GasBuddy’s analysis. De Haan noted that the decline reflects “challenging fundamentals for gasoline prices right now,” with US refineries hitting strong utilisation rates and gasoline inventories rising as consumption tapers off.
Factors like cheaper winter fuel blends and falling oil benchmarks are driving the trend, with the national average dipping to around $2.98 per gallon in late November, Yahoo Finance reported.
All states affected by lower US gas prices
The drop has been broad-based, affecting every state uniformly, a rare occurrence, GasBuddy stated in its report. Ultra-low prices of $1.99 per gallon or less persist at dozens of stations in Oklahoma, Colorado, and Texas, while 28 states, mostly in the Midwest and Gulf Coast, average under $3.
Coastal states like California and Washington still exceed $4, but the national trend signals sustained relief, with De Haan predicting the average could remain below $3 for much of the next four weeks before a typical mid-February uptick, according to Gant News.
Thanksgiving gas prices hit some of the lowest levels since the pandemic, with nearly 30 states under $3, including Oklahoma at $2.57, Mississippi at $2.61, and Louisiana at $2.65, Fox Business reported.
