Empowering Black Entrepreneurship: Stories of Success, Strategy & Growth
- Gasoline averages fell below $3 a gallon for the first time since May 2021.
- Dec. 2 national average registered at $2.998 per gallon, slightly under last year’s December.
- Certain states, including New Mexico, South Carolina, and Colorado, report about $2.75 per gallon.
- Lower crude oil prices (from $81 to $59) and increased production helped depress pump prices.
- Despite cheaper gas, Americans still face high grocery and living costs amid persistent inflation.
December 2, 2025
Gas prices are even cheaper at around $2.75 a gallon in some states.
Despite inflation, layoffs, and other economic woes, Americans can rejoice about one silver lining amid the lulls.
Gasoline prices have reached their lowest average peak of under $3 a gallon since the pandemic year of 2021. The news comes as Americans continue to grapple with a rising cost of living.
The price reached this new low on Dec. 2, hitting an average of $2.998 across the United States. Gas prices have not seen a low like this since May 2021, when the pandemic was still in full swing.
CNN also reported that the year-over-year comparison showed gas at a slightly lower price rate than in 2024. Albeit by only a few cents, last year’s December average held at $3.05 a gallon.
However, gas averages sit even lower in some states across multiple regions. States varying from New Mexico to South Carolina and Colorado are enjoying an average of $2.75 for one gallon.
The low prices may stem from Donald Trump’s policy of deregulating fossil fuel extraction and non-renewable energy production. In his second term, he promised to keep gasoline prices low through these deregulation efforts.
Despite the lower cost at the gas pumps, Americans are still dealing with inflated prices for groceries and other living costs, marking a new affordability crisis in the nation. Inflation remains steady but still relatively high at around 3% as well, according to Nerdwallet.
Another contributing factor to the low cost lies outside of Trump’s own doing, as the rate for barrels of crude oil is significantly lesser than previous years. While barrel costs skyrocketed over Russia’s 2022 invasion of Ukraine, they have decreased from $81 to a current rate of $59.
Furthermore, OPEC and the U.S. have both ramped up oil production, making supply outpace demand. If this trend continues, crude oil barrel prices could go even lower, making one’s next trip to the gas station even cheaper.
RELATED CONTENT: Yearly Cost to Maintain New Car Now Exceeds $10,000 — A Sizeable Jump From Last Year
Read the full article on the original site
