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Gasoline prices have fallen to their lowest level in four years, as a ceasefire between Iran and Israel has helped ease concerns about potential disruptions to global oil supplies, the White House announced.
The national average for a gallon of regular gas on Friday was $3.20, according to AAA, with prices stabilizing after an initial spike following U.S. airstrikes on Iranian nuclear facilities. The strikes on Saturday briefly drove oil futures up to $78 per barrel on Sunday evening, but prices quickly retreated by Monday.
“Americans are seeing the cheapest summertime gas prices since 2021 — more than 20 cents lower than one year ago — as President Donald J. Trump delivers on his promises of lower prices, stable inflation, and higher wages,” the White House said in a statement.
The statement also documented multiple mainstream sources agreeing that gas prices have dropped, making summer travel more affordable for Americans.
“Summer road trips appear to be safe from a big spike in gasoline prices. The national average price of gasoline has hovered around $3.20 a gallon this week after Israel and Iran agreed to a cease-fire … And it is more than 20 cents lower than a year ago. The last time the cost for drivers was lower in late June was in 2021,” the New York Times reported.
“Looking at gas prices that are the best in four years — and this is so important for all of those millions of people who will be hitting the roads … 20 cents less than it was a year ago, so that’s six or seven bucks extra when you fill up. That’s real money,” NBC News added in the report.
Fox Business also highlighted the low gas prices following the announced ceasefire between Israel and Iran.
“There was a knee-jerk reaction in the markets, but once it became clear that there was no disruption to actual supply, prices settled,” said Andy Lipow, president of Lipow Oil Associates, according to Fox Business.
Barring unexpected developments, Lipow projected that gas prices will continue to decline slightly, dropping another three to five cents ahead of the July 4 holiday. However, California drivers are expected to see modest increases due to a scheduled state excise tax hike from 59.6 cents to 61.2 cents per gallon on July 1.
