BREAKING: The national average price for a gallon of regular gas has fallen below $3 for the first time since May 2021, hitting $2.998 as of November 28, 2023. This significant drop is a welcome relief for American drivers and comes just ahead of the busy holiday travel season.
This new low marks a sharp decline from earlier this week when the average was reported at $3.042 just before Thanksgiving. Fuel prices have been trending downward since late last week, showing a decline from $3.005 on Sunday and $3.001 on Monday. The American Automobile Association (AAA) confirms this is the lowest average since the beginning of the Biden administration, when prices soared in 2022.
Analysts had anticipated this decrease, with several states reporting prices below $3. Currently, 31 states boast average prices under this threshold, offering significant savings for millions of motorists. Oklahoma leads the nation with the lowest average gas price at $2.404 per gallon, followed closely by Texas at $2.554 and Arkansas at $2.573.
However, the situation is not uniform across the country. California remains the most expensive state for gas, with an average price of $4.578 per gallon. In certain counties, prices are reaching upwards of $5, and in Mono County, prices near $6 per gallon are reported.
This dramatic price shift is crucial, particularly as Americans prepare for holiday travel. With the costs at their lowest in years, more families may feel encouraged to hit the road, potentially boosting the economy during this festive season.
As gas prices continue to fluctuate, experts advise consumers to remain vigilant and check local prices frequently. They predict that while the national average is currently below $3, regional variations will persist, particularly in the West Coast versus Southern states.
Authorities urge drivers to take advantage of these lower prices while they last, emphasizing that the overall trend indicates a more favorable economic landscape for consumers moving into the new year.
Stay tuned for ongoing updates as the situation develops.
