Are US Gas Prices Reaching a Multi-Year Low as the White House Celebrates Economic Progress?
Synopsis
Key Takeaways
- Gas prices in the U.S. have reached a multi-year low.
- The White House credits this decline to its energy policies.
- Average prices are below $3 per gallon in 37 states.
- Positive economic indicators accompany the drop in gasoline prices.
- Consumers are expected to spend less on gas than in the past two decades.
Washington, Dec 9 (NationPress) Gasoline prices in the United States have experienced a significant drop, reaching their lowest point in over 4.5 years, as new statistics reveal a consistent decline throughout the nation. The White House credits this trend to its efforts aimed at achieving what it terms American energy supremacy.
According to the latest national survey conducted by GasBuddy, 'the national average for regular gasoline is at its lowest in 1,681 days — and on a downward trajectory,' the White House stated on Monday.
The report indicated that average prices 'have fallen below $3 per gallon in 37 states, below $2.75 in 22 states, and below $2.50 in five states.' In certain regions, the decrease has been even more pronounced, with consumers discovering gas prices under $2 per gallon at some stations across at least four states — including prices as low as $1.69 per gallon in Colorado.
The White House juxtaposed the current trend with the price surges experienced during the previous Biden administration, asserting that 'under Biden, gas prices reached unprecedented heights, even after he depleted our strategic reserves to artificially lower prices.'
It further claimed that 'as of now, during President Trump’s second term, Americans are poised to allocate the smallest proportion of their disposable income towards gasoline in the last 20 years, thanks to the Trump Administration’s commitment to American energy leadership.'
While the report emphasized gasoline prices, it positioned this development as part of a wider array of favorable economic indicators recently observed. It noted that Americans 'witnessed the national median rent decline for the fourth consecutive month, weekly jobless claims drop to a three-year low, mortgage rates approach their lowest level in a year, and consumer sentiment improve.'
The administration contended that these combined trends 'are all positive news for American consumers — and further progress is imminent.'
The White House attributed these changes directly to recent policy shifts, asserting that 'after four years of Biden’s reckless spending, open borders, and anti-energy policies that fueled inflation and burdened working families, the momentum is now clearly moving in the right direction.' It added that 'the Trump Administration will strive tirelessly to ensure all Americans experience relief.'
The most recent GasBuddy data comes at a time when energy prices remain a primary concern for American families, particularly as winter approaches. Fuel expenses have historically played a significant role in shaping consumer confidence and public perceptions of economic management.
As U.S. consumers prepare for the concluding weeks of the year, the White House is framing the decline in fuel prices as an indicator of economic stability following several years of inflationary pressures.