UPDATE: The national average price for a gallon of regular gas has just dropped below $3 for the first time since May 2021. As of November 28, 2023, the average is now $2.998 per gallon, marking a significant milestone in fuel affordability for American drivers.
This urgent development comes as gas prices have steadily fallen throughout the month, with a noticeable decline during the Thanksgiving holiday. Just last week, the national average was hovering around $3.042, highlighting the rapid decrease in costs that consumers are experiencing right now.
According to the American Automobile Association (AAA), this drop is part of a broader trend that has seen prices stabilize below the $3 mark. In fact, as of Monday, 31 states have reported average gas prices under $3 per gallon. Oklahoma leads the nation with the cheapest average at $2.404 per gallon, followed closely by Texas at $2.554 and Arkansas at $2.573.
Conversely, California continues to face some of the highest gas prices in the country, with an average of $4.578 per gallon. Certain counties there have prices exceeding $5, showcasing the stark regional disparities across the United States.
The current decline in gas prices is significant for many Americans, especially with the holiday season approaching. Lower fuel costs are expected to enhance consumer spending power, fostering a more favorable economic environment.
The Biden administration has been under scrutiny for rising gas prices during its tenure, but this recent decrease has been noted positively by various officials. Falling prices fulfill a key promise made during the 2024 campaign by then-candidate Donald Trump, who emphasized affordability as a priority.
Looking ahead, analysts predict that unless major disruptions occur, gas prices are likely to remain steady or even continue to drop. Consumers are encouraged to keep monitoring local prices, as regional fluctuations are still prevalent.
Stay tuned for the latest updates on gas prices and how they may impact your travel plans this holiday season.
