Fill ‘Er Up for Under $3 as American Gas Prices Hit Lowest Point Since May 2021
Your wallet’s finally going to catch a break at the pump. American drivers are celebrating as gasoline prices dipped to $2.998 per gallon on Dec. 2, marking the first time the national average has slipped beneath the $3 threshold since May 2021. That six-cent weekly decline offers welcome relief amid years of sticker shock on everyday essentials.
- Motorists in 18 states — including New Mexico, South Carolina, Wisconsin, Iowa, and Colorado — are enjoying even sweeter deals with averages below $2.75.
- Crude oil has fallen to $59 per barrel, down from $81 in early Dec. 2022 and $70 last year, as OPEC boosts supply and US production hits new records.
Fueled up: While President Trump pushed for cheaper energy through his “drill, baby, drill” agenda and even urged OPEC at Davos to boost output, the real force behind falling prices is a swelling supply glut. JPMorgan analysts say Brent could drop into the low $50s by Q4 2026 if oversupply persists, though Trump’s threats toward oil-rich Venezuela could snap prices back quickly. For now, drivers are coasting on the cheapest fill-ups in years.