Just in time for Memorial Day travel, gas prices are finally seeing a drop—a welcome relief for American families after last year’s painful pump prices under the Biden administration. The sharp contrast highlights the economic strain many faced during former President Joe Biden’s inflationary policies, which drove up energy costs and hurt working-class Americans the most.
According to GasBuddy, the average cost of gas across the country is expected to fall to $3.08 per gallon, the lowest it’s been ahead of Memorial Day since 2021. After adjusting for inflation, this would be the lowest since 2003. In all, the price at the pump is expected to see a continued drop in prices between this holiday weekend and Labor Day in September, averaging about $3.02 per gallon.
This year’s lower price reflects increased oil production that has lowered crude oil prices. A barrel of Brent Crude, the global standard for oil prices, is currently priced at $65.07, down significantly from the $83.71 a year ago. Last year, prices were stable with U.S. crude averaging around $78 per barrel. This year, prices have fallen to about $62 per barrel.
Last year, the national average price of gasoline on Memorial Day was $3.58 per gallon. A spokesperson for AAA noted that while prices may fluctuate slightly due to increased travel, they are still expected to remain significantly lower than during last year’s holiday weekend.
President Donald Trump campaigned on a promise to lower costs for Americans and strengthen the U.S. economy. While many Democrats doubted he could make a significant impact in a short time, the president has followed through on those commitments.
In addition to a 6.3 percent drop in gas prices, Americans have seen several other economic improvements, including the first decline in consumer prices in three years, a 2.4 percent decrease in energy costs, a 1.4 percent increase in real average hourly earnings, and a 2 percent drop in prescription drug prices—all credited to President Trump’s policies.
