For those hitting the road ahead of Christmas, Santa has delivered.
Motorists will likely see a national average price of gas of $2.95 per gallon on Christmas, the lowest seen on Christmas Day since 2020, according to GasBuddy. At it stands now, that's slightly lower than Ohio's average, which is $3.03, due in part to an average 21 cent increase last week.
After waiting years for the national average to fall back to levels more consistent with norms, gasoline prices are finally there, thanks to the Federal Reserve slowing the economy down with higher interest rates, a weak economy in China, the world's second largest oil consumer, and the ultimate healer: time.
It has now been several years since the economy was growing at blistering pace, sending prices, including fuel, soaring across the globe, causing governments to increase borrowing costs, slowing the global economy, easing demand, which slowed inflation.
"This holiday season is shaping up to be a gift for American drivers, with gas prices presenting a stark contrast to the budget-breaking levels we've seen in recent years and a return to what feels like normal for many Americans filling their tanks," said Patrick De Haan, head of petroleum analysis at GasBuddy. "After waiting an exhausting two years for imbalances brought on by Covid and Russia's war on Ukraine to settle down, we're finally getting back to normal. Whether you're driving over the river and through the woods to grandmother's house or embarking on a longer holiday road trip, your wallet will feel a bit heavier, especially when utilizing the free GasBuddy app to find cheap gas."
States with the most/least expensive holiday gas prices in 2024:
GasBuddy recommends holiday road trippers always check fuel prices before filling up, especially when crossing state lines where gas taxes can cause prices to fluctuate.
GasBuddy will also be releasing its 2025 Fuel Outlook later this month, forecasting gas prices for the year ahead to inform both consumers and fuel retailers of the top trends to watch for to save money.