Gas Prices See a Notable Decline
On Friday, CNN reporters Erica Hill and Matt Egan expressed excitement over the decrease in gas prices for American workers during President Donald Trump’s administration.
Gas prices spiked significantly, reaching around $5 per gallon in June 2022 under former President Joe Biden. However, Hill and Egan noted in “CNN News Central” that in some states, the average price is now dipping below $3 per gallon ahead of the holidays. In fact, summer gas prices this year are the lowest they’ve been in four years, coinciding with a ceasefire in the Middle East.
“If you’re planning a road trip for this holiday weekend, these are the lowest gas prices we’ve seen in years for Labor Day,” Hill remarked. “In several states, it’s under $3 a gallon. Matt Egan is with us to share this good news. We’re bidding farewell to summer, but we can do it while saving a few bucks.”
Egan mentioned that projections indicate a national average of $3.15 per gallon, the lowest since 2020, a time influenced by the emptier roads due to COVID. He reflected on the trends over the past years, noting that while prices are down compared to last year, they are significantly lower than the nearly $4 per gallon prices seen three years ago.
He highlighted that 15 states, including Georgia and Iowa, now have gas prices below $3 per gallon. Egan argued that this drop can alleviate some financial strain on Americans facing rising costs in areas like groceries and electricity.
Egan noted that when Trump was in office, oil prices decreased from $80 per barrel to $65, attributing lower gas prices to a substantial drop in crude oil prices.
“This is a significant shift. The White House has quickly taken a victory lap, thinking the president has taken control of America’s energy,” he said. “It’s true that U.S. oil production is currently at an all-time high, but it has dipped a bit since the current president took office. Analysts point out that the drop in oil prices is closely tied to foreign oil, specifically OPEC’s actions.”
He continued, “OPEC wasn’t increasing production during Biden’s term, but they are now, following the president’s push. That’s a major difference. Regardless of the rationale, analysts predict this trend will continue for some time. GasBuddy thinks nationwide gas prices might stay below $3 a gallon this fall, which is certainly good news.”
According to GasBuddy and the American Automobile Association, Americans experienced the cheapest anniversary weekend at the pumps since 2021, as summer gas prices fall to their four-year lows.
Additionally, CNN business reporter Vanessa Yurkevich noted that energy prices dropped in July according to the Bureau of Labor Statistics (BLS). “Looking at the key categories we track regularly, energy has gone down by 1.1%,” she stated.
