U.S. Gas Prices Drop to Lowest Levels Since 2021

The national average for a gallon of gas falls below $3.04, marking a three-year low as prices continue a months-long decline.

The national average gas price has dropped to $3.037 per gallon, the lowest since May 2021, according to AAA data.
Gas prices have been steadily declining since May 2024 after hitting record highs in 2022 and spiking again in 2023.
Regional variations persist, with Hawaii reporting the highest prices at $4.566 per gallon and Oklahoma the lowest at $2.497 per gallon.
Economic factors such as global oil market trends, OPEC production cuts, and geopolitical tensions have influenced recent price shifts.
President-elect Donald Trump's proposed tariffs on Canada, Mexico, and China could potentially impact gas prices in 2025 if implemented.