While the national average was sitting at around $3.09 per gallon Friday, 30 states had prices averaging below $3 per gallon, according to AAA.
Prices have been on a downward trend in recent weeks since the price of oil fell on seasonal demand, high levels of U.S. production and high interest rates slowing down the economy in general.
“A lot of this is seasonal in nature, Americans simply don’t drive as much — they drive less, as it gets colder out. We are also back on cheaper winter gasoline,” said Patrick De Haan, head of petroleum analysis at the gas price app GasBuddy.
More broadly, prices are down from their peak of more than $5 per gallon in summer 2022 amid the breakout of war between Russia and Ukraine, as well as economic reopening after the COVID-19 pandemic.
President Biden this week touted the lower gas prices in a pair of posts on X, formerly known as Twitter.
“Gas prices across America have declined by an average of $1.93 since their peak in 2022. That’s a decrease of 38%,” he wrote Wednesday.
Read more in a full report at TheHill.com.
