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By Jasmine Laws
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Gas prices have dropped to their lowest level in more than three years, according to data from the Energy Information Administration (EIA).
Data from the EIA shows that the retail price of gas fell to $3.175 per gallon in November, down from $3.261 in October and down from $3.443 one year ago. While this is the cheapest gas prices have been since June 2021 ($3.157), they are still higher compared to when President Joe Biden first entered office in January that year.
The price of gas has been an ongoing issue for Biden, and the White House faced backlash earlier this year as gas prices quickly climbed over the course of only a month amid broader economic concerns among voters.
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These economic anxieties played a role in the 2024 presidential election, where Donald Trump defeated Vice President Kamala Harris. Trump's campaign capitalized on voter dissatisfaction with the economy, including high gas prices, and promised policies aimed at reducing energy costs.
Confidence in the economy has improved considerably since before the election in November, according to a Gallup survey.
Newsweek has contacted the White House out of normal working hours via email for comment.
When Biden first entered the Oval Office as commander-in-chief, the price of gas was an average of $2.42 per gallon, but the costs soared up to $5.032 in June 2022, the highest on record.
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Gas prices rose due to a combination of global, domestic, and policy factors such as Russia's invasion of Ukraine, U.S. energy policy shifts and the pandemic.
Patrick De Haan, head of petroleum analysis at GasBuddy, previously told Newsweek, "COVID-19 was front and center, it caused gas prices to initially decline during the pandemic and then to skyrocket as it eased and the American economy started to recover."
De Haan announced on X, formerly Twitter, on Monday that GasBuddy data showed the national average gas price had fallen below $3 for the first time in more than three years.
"$2.99 IS BACK!!," he wrote. "It's the first time we've seen average #gasprices fall to $2.99 in over 1,300 days, going back to May 10, 2021!"
Ahead of his inauguration in January, Trump has already been making bids for his first moves in office, which recently included his tariffs on China, Canada and Mexico.
His tariff would add an additional 10 percent tariff on Chinese products entering the U.S. and a 25 percent tariff on Canada and Mexico.
Commenting to Trump's plans, De Haan said that these tariffs could have "huge impacts" on gas prices in the Great Lakes, Midwest and Rockies.
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