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Gas Prices Hit Four-Year Lows Ahead Of Holiday Travel Surge

Photo by Steven Cordes / Unsplash

Gas prices across the United States have fallen to their lowest levels in four years, offering relief to millions of Americans traveling for the holidays, according to the American Automobile Association (AAA).

The national average price for regular unleaded gasoline has stayed below $3 a gallon for most of December.

AAA said this is the cheapest December for drivers since 2020. Prices are down about 7 percent from a month ago and roughly 43 percent from the mid-2022 peak near $5 a gallon.

The decline comes as AAA projects a record 122 million Americans will travel at least 50 miles between December 20 and January 1. Nearly 110 million are expected to drive, making lower fuel costs especially significant.

Cheaper gas may offset inflation pressures elsewhere. A CNBC survey found more than 40 percent of consumers plan to cut holiday spending due to higher prices for goods.

Gas prices still vary widely by region, with California and Hawaii above $4, while Oklahoma averages near $2.30.

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