This holiday season, there’s a little extra cheer at the gas pump. For the first time in four years, the average price of gas has dipped below $3 a gallon.
“As you go into the holiday season, there is nothing better than saving money,” Energy Secretary Chris Wright told Fox Business.
According to AAA, the last time gas averaged $3 or below was May 2021. It was a different world: Joe Biden was president, California was still in COVID hibernation, and every junk drawer in America was 80% face masks.
Today, the average gas price per gallon is $2.978.
“This is what happens when the American public elects a president who cares about their pocketbook, cares about American people and not special interests or the climate crazies or whatever interest the Democrats are trying to appease,” Secretary Wright said. “President Trump’s just focused on the American consumer.”
California ($4.51) and Hawaii have the highest gas prices in the country. The states with the lowest gas prices are Oklahoma ($2.40), Texas ($2.53), Arkansas ($2.55), Colorado ($2.56), Mississippi ($2.57), Tennessee ($2.58), Louisiana ($2.60), Iowa ($2.63), Wisconsin ($2.63), and Missouri ($2.64), per AAA.
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Trump said he thinks the national average can go way lower.
“We’re gonna be, I think, at $2 a gallon,” Trump said during a press conference earlier this week. “We could even crack that at some point, I’d love to do it. We could do it more easily if we weren’t building up the Strategic National Reserves, which Biden emptied out before the election.”
The reserves Trump is referring to are the U.S. Strategic Petroleum Reserve, the government’s emergency supply of crude oil stored along the Gulf of America.
Crude oil prices are hovering around $60 a barrel, which is driving down gasoline prices at the pump.
Secretary Wright said another boost to Americans’ wallets would be to continue building the domestic oil and gas supply.
“We will see increasing production in the next six to 12 months out of the Gulf of America. If you look carefully at the oil production data in the U.S., as a whole right now, it’s almost a million barrels a day higher than it was 12 months ago. So even with low oil prices, we’re seeing more development. Just common sense is back in town.”
The U.S. Energy Information Administration predicts gas prices will remain below the $3/gallon average in 2026.
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