National gas โprices โคhave fallen below โ$3 โper gallon nationwide for โฃthe first time โsince 2021, offering relief to American consumers โฃahead of the busy holiday travel season.The national average price for regular gasoline currently sits at $2.978 โฃper gallon, according to AAA โdata released โNovember 27,โ 2023.
Thisโ decline โคmarks a meaningfulโฃ shift forโ driversโค who have faced consistently โhigh fuelโ costs โin recent years, exacerbated by geopolitical events and increased demand. Lower gas prices translate directly into increased disposable income for households,โ potentially boosting consumer spending during the crucial โholiday shopping period. โExperts anticipate continued, though potentiallyโ volatile, price fluctuations influenced by โฃglobal oil production,โ seasonal demand, and economic conditions.
The decrease in gasoline prices is โlargely attributed to a combination of factors, including decliningโค crude oil prices and increased refinery output. Brent crude, the international benchmark, was trading at $63.07 per barrel on Monday,November 27th,a decrease of nearly $2 from a month prior,while West Texas Intermediate (WTI) crude was at $59.19 per barrel. Recentโ data โขfrom the U.S. Energy Details Administration (EIA) shows U.S.oil inventories rose by 2.8 million barrels,โฃ though remain 4% below the seasonal average. Gasoline inventories are also down 3% from the five-year seasonal average.
Despite โthe current downward trend, the EIA forecasts that U.S.energy prices, including โelectricity and โnatural gas, are expected to continue rising โฃthrough at โleastโ 2026. The national average for residential electricity prices rose 5.8% between August 2024 โand August 2025, with further moderate increases anticipated in 2025 and 2026.
