According to data shared on Twitter by Patrick De Haan of the fuel info resource GasBuddy, the median gas price across the United States — meaning the price at the middle of the range of costs around the country — fell below $3.
De Haan said early Tuesday that the median reached $2.92. He also shared that the five most common gas prices consumers were encountering across the United States as a whole were all also below $3, with the most common $2.99 — further underlining the dip that the country has seen after record highs in average gas prices were recorded in June. As of early on Tuesday, the 25 states with the lowest averages for gas prices all had average levels also below $3. The last on the list, Florida, was at $2.954. Some of the cheapest gas was in southern states like Texas and Oklahoma, although Colorado was in 11th place — while Wisconsin was in the 15th position — in Tuesday GasBuddy rankings of individual state averages.
GasBuddy had the national average slightly lower than AAA early Tuesday afternoon. The site showed $3.062 as the national average for a gallon of regular gas, although AAA had it at $3.104 — which was still lower than that source’s reported averages for a week, month, and year prior. The Biden administration has helped with lowering gas prices with releases from the Strategic Petroleum Reserve, which is a national stockpile. (The president’s team also shared plans to replenish what the nation has on hand.) The dips in prices for gas have helped lower overall inflation rates as measured by key metrics produced by the Commerce and Labor Departments. On a both yearly and month-to-month basis, inflation recorded in November per both departments was down from the last month’s figures.
Other costs are also improving. Data produced by a team including personnel at the Federal Reserve Bank of Cleveland and the Labor Department recently revealed sudden drops in the rate of increase for rent costs at new rentals this fall. And adding to the positive economic signs, a release from the Commerce Department on inflation also showed average wages rising faster than prices did compared to the prior month in November, meaning Americans could keep up — at least in part — with the rising costs and saw their purchasing power increase. The economic calamity some predicted would accompany a Biden presidency just hasn’t happened, data shows.
The top five most common #gasprices in the US are all now under $3/gal:
Most common: $2.99
2nd: $2.89
3rd: $2.69
4th: $2.79
5th: $2.59
Median US price now $2.92— Patrick De Haan ⛽️📊 (@GasBuddyGuy) December 27, 2022
