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Drivers Save Big as Fuel Costs Hit Multi-Year Low
23 Dec
Summary
- Gas prices below $3 per gallon mark the lowest since 2021.
- A record 122 million Americans are expected to travel this holiday season.
- Regional gas price averages vary significantly, from under $2.30 to over $4.
The average price of unleaded gasoline in the U.S. has dropped below $3 per gallon, marking the lowest level since 2021. This trend is shaping up to be the most economical December for drivers since 2020, with prices down approximately 7% from the previous month and a substantial 43% from mid-2022 peaks.
This decrease in fuel costs is particularly timely as AAA anticipates a record number of Americans, over 122 million, will travel at least 50 miles from home between December 20 and January 1. The majority of these travelers, nearly 110 million, are expected to journey by car, potentially benefiting from the lower pump prices amid broader inflationary pressures.
While the national average offers relief, significant regional disparities exist. Hawaii and California are reporting average prices above $4 per gallon, whereas Oklahoma drivers are paying just under $2.30 per gallon. This economic climate sees over 40% of consumers planning to spend less this holiday season due to the high cost of goods.
