Gas prices are the lowest since 2021
Add Axios as your preferred source to
see more of our stories on Google.
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.
