Gas Prices Hit Five-Year Low in December
On Tuesday, the panel on ABC News’ “Good Morning America” shared the news that gas prices in December are the lowest they’ve been in five years, based on insights from GasBuddy.
According to a report released on Monday, average gasoline prices across the United States dropped for the fifth week in a row, now sitting at $2.75 per gallon. The panel suggested that this price drop is great news for Americans planning to travel during the holiday season.
Guest host Marika Andrews remarked, “Hey, how about some good news for people going on vacation? Gasoline prices are falling across the country, for the fifth consecutive week.”
ABC News correspondent Elizabeth Schulze examined the statistics, stating, “So for over 100 million Americans hitting the road for the holidays, this is truly welcome news. According to GasBuddy, the national average price for gas has dropped by 23 cents in a month, and in 40 states, prices are now below $3.”
She explained, “Prices tend to be lower this time of year because demand is down. People are staying home for the holidays and schools are out. Additionally, increasing oil production is helping to keep these prices down. GasBuddy mentions that we might see a rise in prices in about six weeks, but for now, December looks like the lowest month for gas prices in five years.”
Gas prices had surged to record highs in June 2022 under former President Joe Biden, approaching $5 per gallon.
When Trump took office, he signed an executive order declaring a “national energy emergency,” vowing to unlock affordable energy resources. He often criticized Biden’s energy policies, suggesting that the approach taken during his administration had been more favorable for gas prices.
On August 29, CNN business reporter Matt Egan pointed out that analysts attributed the recent decline in gas prices to an uptick in overseas oil production. He mentioned that President Trump’s previous pressure on OPEC might have influenced this increased output.
Egan noted, “While OPEC wasn’t supplying additional oil during Biden’s administration, they are now pumping more aggressively, which the president encouraged. That makes a significant difference.”
