Gas prices have fallen below $3 per gallon in 31 states, marking a dramatic shift from the previous highs that saw prices soar to over $5 per gallon under former President Joe Biden’s administration. This steep decline in fuel costs relieves many drivers and contrasts sharply with the financial strain felt last year. The drop comes less than three months into Trump’s second administration despite the uncertainty of tariffs.
According to AAA, the national average price for a gallon of regular gas was $3.07, about three cents lower than a week ago. Gas Buddy echoed similar numbers, recording that the average price of gasoline in the U.S. fell to $3.03 per gallon. This is the lowest average price for March since 2021— the peak of Biden’s administration.
While critics claim that Trump's tariffs on foreign countries will drive inflation, CNN's Scott Jennings dismantled the Democrats' "Trump recession" narrative, arguing that it’s rooted in a market correction.
“There are other signs in the economy that are helping real people. Wholesale inflation is down. Consumer inflation is down. Gas prices are decreasing. Mortgage rates coming down. Egg prices are $4.89 today. They were $6.55 on January 21,” he said.
Jennings argued that no one should be hysterical over the stock market on one day or six weeks, adding that corrections are not unusual.
“During the bull market from 2009-2020, I think we even had five corrections during that period. We tend to have them every couple of years. It's not unusual. They tend to be cyclical,” Jennings continued.
Instead, Jennings emphasized that plenty of optimism can be found under a second Trump administration.
“He is articulating some parts of the strategy, and it all revolves around more manufacturing in the United States. He believes strongly in the tariffs as a stimulant to American manufacturing. By the way, he is building ships. I heard you mentioned that. They've got a shipbuilding strategy, too,” he added.
Jennings pointed to the Trump administration’s confidence in encouraging investment to return, citing several significant announcements of manufacturing investments across various sectors.
Inflation and gas prices hit a four-year low, but Trump is delivering on his promises, and he hasn’t even been in office for three full months yet.