National gas prices have fallen below $3 per gallon nationwide for the first time since 2021, offering relief to American consumers ahead of the busy holiday travel season.The national average price for regular gasoline currently sits at $2.978 per gallon, according to AAA data released November 27, 2023.
This decline marks a meaningful shift for drivers who have faced consistently high fuel costs in recent years, exacerbated by geopolitical events and increased demand. Lower gas prices translate directly into increased disposable income for households, potentially boosting consumer spending during the crucial holiday shopping period. Experts anticipate continued, though potentially volatile, price fluctuations influenced by global oil production, seasonal demand, and economic conditions.
The decrease in gasoline prices is largely attributed to a combination of factors, including declining 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. Recent data from the U.S. Energy Details Administration (EIA) shows U.S.oil inventories rose by 2.8 million barrels, though remain 4% below the seasonal average. Gasoline inventories are also down 3% from the five-year seasonal average.
Despite the current downward trend, the EIA forecasts that U.S.energy prices, including electricity and natural gas, are expected to continue rising through at least 2026. The national average for residential electricity prices rose 5.8% between August 2024 and August 2025, with further moderate increases anticipated in 2025 and 2026.
