Gas prices this Memorial Day are the lowest since Joe Biden’s first year in the White House, welcome news for the record number of drivers expected to take to the road, AAA reported Thursday.
“Gas prices haven’t been this low over Memorial Day since 2021 when the national average was $3.04,” AAA reports, noting that “Supply and demand are playing a role in this year’s lower pump prices as crude oil supply is currently surpassing demand.” According to the Energy Information Administration, crude oil inventories increased by 1.3 million barrels from the previous week.
On an inflation-adjusted basis, Memorial Day gas prices are the best in more than two decades.
“Excluding 2020, heavily influenced by the Covid-19 pandemic and adjusting for inflation,” gas prices this Memorial Day are the lowest since 2003, according to GasBuddy.com analysis. In 2003, George W. Bush was president.
The average cost of a gallon of regular in the U.S. was $3.20 on Friday, down 41 cents from its year-ago mark of $3.61, according to AAA data.
As CNSNews has reported, when Biden assumed the presidency in January of 2021, gas was $2.42 a gallon. During President Donald Trump’s first term, gas prices fell four cents a gallon.