Gas Prices Haven't Been This Low Since 2021

Average US gas prices have slipped below $3 a gallon for the first time in four and a half years, offering some relief to drivers, reports CNN. AAA reports the national average for regular gas was $2.998 on Tuesday, just under Monday's $3.001, a first since May 2021. Prices later climbed significantly amid a global energy crisis, worsened by Russia's war in Ukraine, prompting the Biden administration to tap into emergency oil reserves. Now, prices have dropped about six cents in the past week and are slightly lower than they were a year ago, when the average was $3.05 a gallon.

Gas is even cheaper in some regions, with 18 states—among them New Mexico, South Carolina, Wisconsin, Iowa, and Colorado—seeing averages below $2.75. Last month, White House rep Taylor Rogers credited President Trump's "energy dominance agenda" for the falling prices. Industry analysts, however, say the change is largely due to the price of crude oil, which has fallen 25% during Trump's second term as OPEC countries boost production, per Politico. Still, a new phase of peace in the Middle East, assisted by Trump, has been a benefit.