The national average gasoline price has fallen below $3.00 per gallon for the first time since March 2023, driven by the Iran ceasefire, increased US production, and softer global demand.
Price Breakdown
- National average: $2.94/gallon (regular)
- Cheapest state: Texas at $2.52
- Most expensive: California at $4.28
- Diesel: $3.45 (down from $4.10 peak)
The drop is estimated to save the average American household $1,200 annually compared to 2025 peak prices. Economists note that lower gas prices act like a tax cut, boosting consumer spending in other areas.
