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In a welcome reprieve for motorists nationwide, gas prices have plummeted to their lowest in over four years, dipping below the $3 mark per gallon.
As reported by GasBuddy, the average cost for regular gasoline fell to $2.95 on Friday, marking the most affordable price at the pump since May 2021. This decline is attributed to a combination of factors including reduced oil prices, robust refinery production, and a decrease in consumer demand.
This downward trend in gas prices has been observed across all 50 states over the past week, an occurrence that GasBuddy describes as “exceptionally rare.” Patrick De Haan, the company’s head of petroleum analysis, highlighted the significance of this development, noting, “This is a welcome break for Americans ahead of the holiday season and comes as refinery maintenance season concludes and gasoline demand weakens seasonally.”
Particularly noteworthy are regions like Colorado, Oklahoma, and Texas, where several stations are offering gas for under $2 per gallon. On the other end of the spectrum, California continues to have the highest average price, standing at $4.50. However, even there, several counties have recently seen prices dip below the $4 threshold.
In Colorado, Oklahoma and Texas, several dozen stations are selling gas for under $2 per gallon. Meanwhile, California has the highest average at $4.50, but several counties saw prices slip below $4 on Friday.
The recent drop has been driven in part by easing crude oil costs, supported by additional supply from OPEC+ and record U.S. oil production. Refineries have also returned to strong utilization rates, boosting gasoline inventories at a time when consumption naturally tapers, GasBuddy said.
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The relief comes as more than 70 million Americans hit the road for Thanksgiving, undercutting the idea that holiday travel pushes gas prices higher.
“Can we end the myth now that gas prices go up due to the holidays?” De Haan wrote on X.
GasBuddy said the sub-$3 national average could be the norm over the next four weeks and may even continue into the winter.
De Haan added: “As we get closer to 2026, the outlook for another friendly year for motorists is strengthening.”
States with the lowest average gas prices as of Friday morning, according to GasBuddy:
- Oklahoma: $2.37/gallon
- Colorado: $2.49/gallon
- Louisiana: $2.52/gallon
- Mississippi: $2.53/gallon
- Texas: $2.55/gallon
States with the highest average gas prices as of Friday morning, according to GasBuddy:
- California: $4.50/gallon
- Washington: $4.08/gallon
- Oregon: $3.72/gallon
- Nevada: $3.64/gallon
- Arizona: $3.29/gallon
