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Relief at the Pump: U.S. Gas Prices Drop Below $3 — Lowest Nationwide Average Since May 2021

Key point: The U.S. national average for regular gasoline fell to $2.95 on Friday, the lowest since May 2021, driven by lower crude prices, strong refinery output and weaker seasonal demand.

Dozens of stations in Colorado, Oklahoma and Texas are selling gas for under $2, while California remains the priciest state at $4.50 on average. GasBuddy says the sub-$3 average could hold for the next month and possibly into winter.

09:07 PM, 11/29/2025Economy
Relief at the Pump: U.S. Gas Prices Drop Below $3 — Lowest Nationwide Average Since May 2021

Gasoline prices across the United States fell below $3 per gallon this week, reaching a national average of $2.95 on Friday — the lowest level since May 2021, according to data from GasBuddy.

A combination of easing crude oil prices, strong refinery output and seasonally softer demand pushed pump prices down in all 50 states over the past seven days — a development GasBuddy calls ‘‘exceptionally rare.’’ Additional crude supply from OPEC+ and record U.S. oil production helped relieve upward pressure on prices while refiners returned to high utilization, boosting inventories just as consumption typically slows.

Patrick De Haan, head of petroleum analysis at GasBuddy, said the shift is ‘‘a welcome break for Americans ahead of the holiday season’’ as refinery maintenance wraps up and demand weakens seasonally.

In parts of Colorado, Oklahoma and Texas, dozens of stations are now selling gasoline for under $2 per gallon. By contrast, California remains the most expensive state, averaging $4.50 per gallon — though some counties reported prices dipping below $4 on Friday.

State averages (as of Friday, per GasBuddy)

  • Lowest averages:
    • Oklahoma: $2.37/gallon
    • Colorado: $2.49/gallon
    • Louisiana: $2.52/gallon
    • Mississippi: $2.53/gallon
    • Texas: $2.55/gallon
  • Highest averages:
    • California: $4.50/gallon
    • Washington: $4.08/gallon
    • Oregon: $3.72/gallon
    • Nevada: $3.64/gallon
    • Arizona: $3.29/gallon

The price drop coincided with the Thanksgiving travel period — more than 70 million Americans were expected to travel — calling into question the common belief that holiday travel automatically drives up gas costs. On social platform X, De Haan asked, ‘‘Can we end the myth now that gas prices go up due to the holidays?’’

GasBuddy said the national average below $3 could persist for the next four weeks and may even extend into winter. De Haan added that the outlook for motorists looks favorable as we approach 2026, barring unexpected supply disruptions or sharp changes in demand.

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