It’s official: we’re no longer in the Biden era of gas prices. Those days are over. The national average is now below $3. What caused the price of gas to drop under Trump? Well, OPEC has increased production dramatically, and there doesn’t seem to be anything to suggest prices would rise in the near future either (via Washington Examiner):
The average price of gasoline in the United States has fallen to $2.98, hitting its lowest point since the pandemic-era low prices of 2020.
The national average gas price sits $0.152 lower than it did one year ago and $0.193 lower than just one month ago, according to a GasBuddy analysis. This follows the lowest Labor Day gas prices recorded since 2020 and falling gas prices heading into autumn.
“Gas prices have finally fallen below $3 per gallon nationally — the earliest date we’ve seen a $2.99 national average since 2020, when COVID was the primary driver of low prices,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. “Currently, 35 states have average gas prices below $2.99/gal.”
De Haan said that Americans largely have OPEC+ to thank for the decline in prices as they have “steadily raised oil production for much of 2025.” OPEC+ has taken steps throughout 2025 to accelerate oil production. Most recently, eight countries agreed in early October to boost production by 137,000 barrels a day.
“Barring any major disruptions, gas prices are likely to remain slightly below year-ago levels and could stay under $3 for much of the next few months,” De Haan said.
White House press secretary Karoline Leavitt touted the price drop as part of “the Trump effect” in a post on X.
Hey, I’ll take it, and so would millions of Americans. Now, if only we can get the interest rates cut.
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