Gas prices are the lowest since 2021
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Gas prices haven't been this low since spring 2021.
Why it matters: Displayed prominently on big signs everywhere you drive, prices at the pump are a key economic indicator for the general public.
- The recent lows are a big sign that inflation is increasingly in our rear-view mirror.
- And, of course, the lower prices are happy news for drivers — especially ahead of the holiday driving season.
By the numbers: The average gallon of gas cost $2.98 on Monday, and has been under $3 since Saturday, according to GasBuddy data.
Between the lines: The good news comes too late for the Biden administration, which suffered politically when inflation and the war in Ukraine drove prices above $5 a gallon in 2022.
- Instead, low gas prices are more likely to benefit President-elect Donald Trump, who campaigned on bringing them down.
Stunning stat: The average American worker now needs to put in just 5.44 minutes of work to buy an average gallon of gas, GasBuddy analyst Patrick De Haan writes.
- Outside of the COVID-19 pandemic (when fewer people were driving and prices plummeted), that's the fewest since 2015.
What's next: Gas prices typically drop in autumn and winter, as Americans drive less in cooler weather, reducing demand.
- "We'll likely continue to see additional downward pressure on gas prices, with the national average potentially falling another 10 to 15 cents by Christmas," De Haan writes.
