(NewsNation) — In a surprising shift, gas prices have dipped below $3 per gallon, marking their lowest point in over four years.

On Friday, the national average for regular gasoline dropped to $2.95, the most affordable rate since May 2021, as reported by GasBuddy.

The decline in prices is attributed to a trio of factors: decreased oil costs, high refinery output, and reduced demand. This combination has led to a rare decrease in fuel prices across all 50 states over the past week, according to insights from the fuel price-tracking service.