The national average price of gasoline in the United States has fallen below $3 per gallon, reaching its lowest point since 2020. According to data released Monday, the average now stands at $2.98, marking a significant milestone as prices continue to decline heading into the final months of the year.

A report from GasBuddy showed that the national average is $0.152 lower than at the same time last year and $0.193 lower than just one month ago. The current trend follows what analysts described as the lowest Labor Day gas prices recorded since the early months of the pandemic.

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Patrick De Haan, head of petroleum analysis at GasBuddy, confirmed the downward shift and said the U.S. has not seen a $2.99 national average this early in the year since 2020.

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“Gas prices have finally fallen below $3 per gallon nationally — the earliest date we’ve seen a $2.99 national average since 2020, when COVID was the primary driver of low prices,” De Haan said. “Currently, 35 states have average gas prices below $2.99/gal.”

De Haan attributed the ongoing decline in fuel prices primarily to expanded oil production by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.

“Americans largely have OPEC+ to thank for the decline in prices as they have steadily raised oil production for much of 2025,” he said.

Throughout 2025, OPEC+ has taken multiple steps to increase supply, offsetting prior reductions from earlier in the decade.

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In early October, the alliance announced that eight member nations agreed to boost oil output by 137,000 barrels per day, with further adjustments expected before the end of the year.

De Haan said current projections suggest prices are likely to remain stable for the foreseeable future. “Barring any major disruptions, gas prices are likely to remain slightly below year-ago levels and could stay under $3 for much of the next few months,” he said.

The continued drop in gas prices has sparked reaction from Washington, where the White House described the decline as part of the economic stabilization seen under President Donald Trump’s leadership.

Press Secretary Karoline Leavitt credited what she called “the Trump effect” in a statement posted to X, emphasizing that consistent energy policy and increased production have contributed to stronger market conditions and lower consumer costs.

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The decline marks a sharp contrast from the period under former President Joe Biden, when gas prices surged to record highs in mid-2022 following supply disruptions and restricted domestic output.

The U.S. Energy Information Administration recorded average prices above $5 per gallon at that time — the highest ever documented nationally.

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According to GasBuddy, current price levels vary by region but remain below $3 in a majority of the country, including much of the Midwest, South, and Plains states. California, Hawaii, and Washington remain the only states where the average price per gallon continues to exceed $4.

Analysts say that if OPEC+ maintains its current production pace and demand remains stable, prices could stay below the $3 mark through the winter months.

The White House has not announced any new energy policy measures, but administration officials have expressed optimism that lower fuel prices will provide relief for consumers ahead of the holiday season.