U.S. gas prices gall to lowest point since 2021

Gasoline prices across the United States have dropped to their lowest levels in more than four years. 

According to data from GasBuddy, the national average price per gallon recently dipped below $3, the lowest level since May 2021. The decrease comes amid declining global crude oil prices, strong refinery output and lower demand. 

The decline in oil prices mainly comes from an increase in supply from both OPEC nations and record U.S. oil production. The drop in gas prices comes at a time when many Americans are grappling with inflation and cost of living, making the decline especially meaningful for household budgets. 

The low prices also come during the Thanksgiving holiday weekend, one of the busiest travel weekends of the year. 

In Colorado, Oklahoma and Texas, some stations are selling gasoline for under $2 per gallon. California has the highest average at $4.50, but some counties saw prices below $4 on Friday, the gas market monitor reported.