The national average price for a gallon of gasoline plunged below $3.20 over Memorial Day weekend, well below last year’s $3.58. While this is slightly higher than GasBuddy’s projection of $3.08, prices were nonetheless the lowest they’ve been for the holiday in four years – and the second-lowest they’ve been in 20 years when adjusting for inflation.
These lower prices may have played a role in getting more Americans on the road. AAA projected a record-breaking 45.1 million people would travel at least 50 miles from home over the holiday weekend, marking the busiest travel period in more than two decades.
Industry analysts expect gas prices to keep easing through the summer, with some projecting national averages could slip below $3 per gallon before Labor Day. GasBuddy forecasts a summer average of $3.02, with occasional days dipping under the $3 mark.
Looking further ahead, the EIA estimates average gasoline prices will fall about three percent in 2025 compared with 2024, and another six percent in 2026 – a modest but meaningful break for drivers.
More than just a seasonal dip, the recent drop in gas prices marks a continuation of a broader trend linked to President Donald Trump’s “energy dominance” agenda.
Within days of taking office in January, Trump signed a series of executive orders to “unleash” American energy by expanding domestic oil and gas production, reducing regulatory hurdles, and greenlighting pipeline and drilling projects that had been stalled or shelved under the Biden administration’s stifling “Green New Deal” policies.
Industry leaders, along with drivers, have welcomed the shift under Trump. “Americans sent a clear message at the ballot box, and President Trump is answering the call on Day One – U.S. energy dominance will drive our nation’s economic and security agenda,” said Mike Sommers, President and CEO of the American Petroleum Institute. “Directing regulators to expand access to resources, lift the [liquefied natural gas] pause, streamline permitting processes, and roll back heavy-handed vehicle mandates will help deliver a stronger, more prosperous energy future for all Americans.”
Trump’s recent trip to the Middle East reinforced his energy-first approach by securing $2 trillion in investment commitments to strengthen U.S. energy security and economic ties through concrete deals on oil, defense, and technology. In contrast, Biden’s 2022 visit to Saudi Arabia focused mainly on clean energy initiatives and yielded no meaningful pledge to boost oil production.
OPEC+ has also moved forward with planned production increases amid pressure from Trump, contributing to falling crude oil prices and easing fuel costs for consumers. Starting with a 138,000-barrel-per-day boost in April, the group plans to add 2.2 million barrels per day by the end of 2026, according to the Daily Caller.
Meanwhile, U.S. crude oil production has hit record highs, adding crucial supply to the market and helping to push gas prices down.
The White House has embraced this trend as proof that its “America First” energy strategy is working. In a statement heading into the weekend, administration officials called the price drop “the Trump Effect in action,” pointing to record-high U.S. production as a key factor.
It’s a clear departure from the Biden years, when gas prices soared, with some regions seeing costs top $5 per gallon in 2022.
“It was no secret on the campaign trail that Joe Biden wanted to end America’s use of conventional energy such as coal, oil, and natural gas,” the Heritage Foundation wrote in a report on the costs of Biden’s energy policy.
Critics say Biden’s restrictions on new drilling and pipeline construction and his focus on climate regulations led to chronic supply shortages and price shocks. But now, conservatives argue, Trump’s decisive energy policies are delivering real benefits where it matters most.
Lower gas prices are also helping Trump deliver on his central 2024 campaign promise of lowering inflation. Cheaper fuel means companies can ship goods for less, translating to better prices for consumers.
Moreover, as Memorial Day weekend travel data shows, when gas is cheaper, Americans are more likely to hit the road. That means more money for restaurants, tourism, and the hospitality industry. The entire economy benefits.
If gas prices continue their downward trajectory throughout the rest of this year, that will also be welcome news for Republicans heading into the midterms in 2026. In 2022, high gas prices were an anchor on Democrats’ electoral fortunes up and down the ballot. Republicans may be able to reverse that equation – and avoid the dreaded midterm curse – if voters are seeing lower numbers at the pump.
As summer travel ramps up, the drop in gas prices is more than just savings – it’s a renewed promise of energy security and economic stability under Trump’s leadership. It’s clear proof that Trump is committed to keeping the promises he’s made to the American people.
Sarah Katherine Sisk is a proud Hillsdale College alumna and a master’s student in economics at George Mason University. You can follow her on X @SKSisk76.
Another question: Will Pres. Trump be able to refill “the nation’s emergency petrol stock” in a timely manner after Biden’s misuse of this emergency stock? It would be nice to get gas prices below $2.50/gallon again.
I wish Sarah had looked into the gas prices in blue states. Their prices have soared from 2.77 to 3.22. I don’t know if this was the station owners getting together to set a higher price or the refinery which are abundant in my state. Why the rise? The democrats want Trump to fail which won’t work because if Trump fails America is no more. They still haven’t figured out that a president is president of the people not just for Bernie’s and AOC’s oligarchs. Oligarchs who paid for their so called anti Oligarchs Tour. They still keep at it Trumps budget and tax bill is for the 1%. No tax on tips or overtime or social security and keep the tax cuts we have enjoyed since Trump’s first term and if none of this passes and the budget increases yes then it will benefit the 1%. The 1% that runs the DNC and all the senators and representatives, governors and attorney generals in the dem states. And then we have Jasmine Crockett screaming about Trumps acuity while she ignores the incapable president we had the past 4 years and the dems and MSM ignored until all these failing “reporters” wrote these books with all the truths we knew all these years but kept telling us what we saw and heard was not true. Where was the 25th amendment. Where were his aides where was his wife to push this narrative that he was smart as a tack and physically fit as a fiddle. And now they all claim we didn’t know. The Germans said that after the war about the killing of 6 million Jews. That is not an excuse, they all knew it and did nothing. Why? That is the same questions the dems are asking why did Harris lose. Because the dems lied. About the bribes Biden took from the mayors wife of Moscow, the Chinese, Romania and who knows where else, the disastrous withdrawal of Afghanistan, covered it up. The Ukraine war could have been avoided, covered it up. Illegals crossing the border by the millions, never happened, they just didn’t show it on tv. Out of sight out of mind and now they can say we didn’t know. BS. The dems can scream, demonstrate, take Trump to court but little by little the truths come out. The only thing the dems didn’t count on was the dems losing the election. Trump in the White House is going to be the death of the democrats ever gaining a majority. They have done enough damage to this country by the puppet show regime they put on the past 4 years.
Except in California, state democrat politicians and bureaucrats mission is to put businesses out of business. Oil companies leaving this state isn’t the main issue gasoline prices have sky rocketed. State mandates that gasoline unique only to California isolates itself from the national gasoline market, essentially making state policymakers responsible for price gouging Californians.
Hmmm, lowest in four years…I wonder what happened FOUR years ago? Let me think…oh yeah, the Demoncraps took over and attacked the energy sector with a hatchet and guess what happened? Amazingly everything went up in price because energy drives everything…scumbags…
I was shopping yesterday and eggs were way down in price too. I was next to a lady how the eggs were down I said and said Mr. Trump is not so bad after all. Maybe he is THE GOOD GUY I said to her. And she said YES! I try to promote Mr. Trump BUT delicately with diplomacy the other side is damn touchy.
Not in Oregon!! Still around $3.79 in southern OR. While our governor spends more money on twice as many homeless, drug intervention programs and abortion pills. Now she wants to “steal” our kicker to spend on her bloated budget for everything but what citizens and taxpayers need to make their lives better. Our egg prices are still almost $6.50 too!!
Thanks to our glorious Governor, Gavin “hair slick” Newsom, CA is pulling the national average higher. Would some brave state PLEASE take this self-absorbed SOB from us so that we can Make California Great Again?
I’m fortunate that I only drive once or twice a week, so I fuel up once a month using my grocery store’s fuel points. It saves me between 50 cents to a dollar each time I top off the tank. Otherwise, gas prices are at or above the national average in Cali-rado.
For those folks that are NOT seeing declining gas prices, look to your state politicians. Look at your state tax on gasoline. The federal government can only do so much, but when the dem run states want to defy, they just raise taxes. Gotta pay for all those folks driving EVs and not paying “their fair share” of the road tax. 2024 State Gas Tax Rates | 2024 Gas Taxes by State
I don’t know where you live but in Washington state the gas prices have never been higher
I keep seeing about gas prices dropping ???? I live in the suburbs of Chicago and they went up prior to the holiday weekend ????
No difference in WA state because rotten Governor just signed bill to add another gas tax on the one we already have.
NOT for CA
WA has the second highest gas in the nation, but it’s the fault of the dems who inhabit the state capital. Trump just gets blamed for it. We pay almost an additional $1 in taxes, and our streets are not in any better shape than elsewhere.
Gas is 3.57 here outside of chicago. 66cents of it are taxes, about to go up to 86cents this summer. Pritzger is a useless governor. Typical tax and spend liberal!
I live in Washington State. After January 20 when President Trump began his term, gas prices went up 50 cents. They continue to rise. Now they are around $4.99. Hopefully the good news of lower prices is true somewhere. Certainly not here. And eggs, we just bought some for $6.00 per dozen.
Using the word “plunge” to me was ridiculous. Reading the headline, I expected prices to go below $3.00, but NO, prices just went down a few cents a gallon. In my area, going to $3.00 would mean a 18-19 cent a gallon drop. It went down 10 cents/gal which was good but a plunge? Not in my opinion.
I don’t mean to rub salt in the open wounds of people in blue democrat states but I think whoever said possible their governors want to keep the gas prices high to make Trump look bad, might just be right. I haven’t looked since last week but our local north Texas area gas prices were at $2.99 – $3.09 the last few weeks. It does depend on several key things that happen during crude bargaining some months prior, but typically in Texas competition is a game good business plays. Consumers will find the price they think is reasonable.
Fortunately for me, I live close enough to the Wisconsin border to beat Illinois high tax gas prices. Thanks great Illinois governor and legislature !
I’d like to know where they “ plunged”, here in Upstate NY prices went up at least 10 cents / gallon the closer to the holiday weekend. But it is NYS so you have to expect it.
Gas prices have not gone down in California. Newsom is determined to get rid of anything that has to do with a combustible engine. Therefore, gas companies are under siege forcing the companies to shutdown production. Because of the shutdowns, energy experts expect gas prices to soar to $8 a gallon. Additionally, California is banning all combustible engines in 2035. Keep this in mind when Newsom runs for president in 2028. He is more evil than Obama and Biden.
Thank You President Trump!
This is what we voted for.
Rational Government,for the people,by the people.
MAGA!
“Gas prices plunge?” Where does Ms. Sisk Live? The gasoline prices have actually gone up since January in our rural community between Milwaukee and Madison, with the Memorial Day weekend being no exception. We are however fortunate in that there are many areas throughout the country where gas prices are in fact much higher, but overall, we are not seeing much in the way of price relief in any consumer prices since January. I know we are only four months into the Trump administration, but I believe most of us had expected/hoped for some relief by now. Just Sayin.
It’s nice to have low gas prices, but remember gasoline prices just follow crude oil prices. As world economies have slowed, so has demand for oil. The U.S. has an oversupply at the same time OPEC is increasing production. At $61 per barrel for West Texas Intermediate (WTI), we won’t see any new domestic energy production because it’s not profitable.
Come to California and pay well above 4 dollars and in some areas 5 dollars a gallon. I hope President Trump lets this sh##hole state sink when Phillips 66 and Valero close their refineries here in California, watch the prices go up, protected close dates are end of this year, Merry Christmas to all .
Gas isn’t cheap in Indiana? During Trumps first term, GAs was 1.89 per gallon.
Unless you live in Washington State, gas prices went up
Gas in Silver City, NM has been between 2.95 and 2.75 for months and we’re off the beaten path. Trumps efforts have been paying off since well before Memorial day.
Those of us stuck in living in the Not So Great State of Taxifornia are not realizing the great cost reduction of fuel costs. Because of our Greased Back Hair MR Hair Gel Gavie Pooh Newsom ( wanna be POTUS) and the communicants in the state legislature we get the privilege’s not only to pay the highest state taxes but also the highest gas prices. With gas companies leaving and shutting down refineries in the state we can expect costs to only go higher. Trying like heck to plan to leave this utopian hell hole sap. We plan to move to America , we here tell its the land of the free and home of the brave. This state sure as heck isn’t.
America beware , DO NOT ALLOW THIS GREASED BACK HAIR PRETTY BOY CALLED GAVIN NEWSOM ANYWHERE Near the Presidency unless your ready to go full Communism and corruption.
I am concerned with how the Biden adm. emptied our oil reserve to hopefully get the democrats elected in 2024, sure happy that we the voters are smarter than they think we are. My gasoline price is still 3.54, but I live in a high tax state.
Gas prices were not down in Orlando FL.
Here in Cali, we are still hovering between 4.89 and 5.00 per gallon.
Well, I know that a barrel of oil has decreased, and that ‘supposedly’ the gas prices have plunged. So… how is it that here on Long Island, my gas station which was at $2.85 a few months ago, then went up to $2.89 & as of today it’s $2.93 ???
Is this price-gouging ???
Our part of Georgia, the gas price was $2.70 last week. Egg price had small drop in price.
Finally no more high cost gas that help our Americas travel to from work and from vacation, staycations.
Fear not, unleaded is over $4 in The People’s RepubliK of WA and set to not only increase this year again but must increase annual hereafter with the mandated annual gas tax increase.
The lowest price for unleaded regular gas in Walterboro, S.C. today (5/29/24) is $2.79.
I must have been driving in a different country these past five days of travel. All by auto.
Gas prices were nearly the same all the way to and from central Texas to the upper mid west. Only a few cents difference from home @ 2.89 a gal. So, I must have been on the wrong road That’s better than the 3.00 plus in the article, so I guess we have it pretty good here in cen. Texas. Still way more than our last trip when it was below two bucks.
Not in bluuuuue Washington state. $4.04 a gallon and our Legislature just added another
6 cents a gallon. I know, I know…I should more.
May 22, 2025 Sinclair gas station: $3.75/gallon 87 mid grade. No reduction here. Colorado Springs, CO
The stations in st maries, Idaho must be seriously gouging.
Well that might be good for the northern & western states, but down here in he south, they raise the prices up to get more out of people that are traveling, every holiday you can bank on it, $2.00 a gal is what I want to see!
YES! I am so happy the economy is in such shambles that the lack of demand, from no one being able to afford food much less gas has resulted in low gas prices.
OH JOY! I cant wait to see how low gas prices get when the “big beautiful bill’ increases the hell out of the already out of control debt.