US Gas prices have reached a new four-year low, after dropping across the country for the fourth consecutive week. The nation’s average price of gasoline has fallen 1.3 cents compared to a week ago, and stands at $3.02 per gallon, according to GasBuddy.

Several analysts credit uncertainty over the state of the economy, including President Donald Trump’s tariffs, as the reason behind the drop. “As concerns over tariffs and policy uncertainties grow, gas prices have continued to decline across much of the country, raising the possibility that the national average could slip below $3 per gallon and approach some of the lowest prices seen in years,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

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However, the analyst adds, “This decline shouldn’t necessarily be celebrated, as it comes with strong warning signs. When the economy slows, gasoline demand drops — along with demand for other refined products like diesel and jet fuel. We’ve already seen some signals that the months ahead could be challenging. All of this suggests that gas prices are likely to remain low for now. However, if economic conditions improve, gas prices could eventually follow suit and start rising again.”

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Additionally, Gas Buddy reports the most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week. The median U.S. gas price is $2.89 per gallon, unchanged from last week and about 13 cents lower than the national average. The states with the lowest average prices reported were Texas ($2.60), Oklahoma ($2.60), and Mississippi ($2.60).

The spring typically brings an increase in prices, so the continued drop comes as a surprise for most analysts. Earlier this month, traders and analysts were worried that tariffs threatened by Trump, including a 10% levy on Canadian oil, would make gas prices rise, especially in parts of the country that largely rely on Canadian gasoline. However, the dropoff is still underway, hitting lows not seen since the COVID-19 pandemic.

  • Gas Prices
  • Oil