The White House shared an update on gasoline prices on Tuesday, which will be good news for anyone traveling around the holidays. The national average gasoline price is at its lowest level since March 2021. The decrease in gas prices is on track to produce weekly savings of $400 million compared to the same period last year.
According to Gas Buddy, the price of gasoline has fallen for the third week in a row. The most common gas price throughout the country is $2.69 per gallon, a ten-cent decrease from the previous week. The remaining most common gas prices in Gas Buddy’s top five list are $2.79, $2.89, $2.59, and $2.99 per gallon.
Gas Buddy bases its report on comprehensive research comparing prices around the country. Their analysis, which covers over 150,000 gas stations across the country, shows a trend of lower gas prices in the majority of U.S. states. The states with the lowest gas prices are Oklahoma at $2.22 per gallon, Colorado at $2.39 per gallon and Texas at $$2.41 per gallon. States running the highest gas prices are Hawaii at $4.36 per gallon, California at $4.31 per gallon, and Washington at $3.95 per gallon.
Gas Buddy also projects that the trend will continue with prices lowering through the end of 2025. The lower costs are reportedly the result of increased production both of crude oil from OPEC and from oil refineries. Projections show the average cost of gas will be around $2.79 on Christmas Day, down from $3.00 per gallon on Christmas Day in 2024. The Christmas Day price of gas in 2024 marked the lowest since the post-pandemic price surge in 2021, when it reached a high of $3.26 per gallon.
