December 2024 Fuel Price Update: East Coast Averages Sub-$3 Prices

Heading into the winter, gas prices continue their downward trend, but the national changes are minimal. The U.S. national average gas price dipped ever so slightly but stayed relatively the same at $3.03, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 19 cents.

However, Patrick De Haan, head of petroleum analysis at GasBuddy, reported fluctuations in the national average, reflecting a brief $2.99 price per gallon on Dec. 2nd at 12:30 p.m. ET. He noted that Americans last saw such low prices in 2021 due to Covid-19-related shutdowns.

“Seasonal trends could potentially bring even lower prices this holiday season before gas prices start their annual climb next spring. However, a shift in economic policies under the incoming Trump administration could impact the typical seasonal lift,” De Haan continued. “With the Federal Reserve now attacking inflation by raising interest rates, growth has cooled, allowing gasoline prices to return to a level not witnessed in years.”

See how diesel prices are changing per region on Work Truck.

U.S. Regional Gasoline Prices as of December 2, 2024

Here’s a look at prices by region according to EIA data, as of Dec. 2:

• East Coast: $2.98
• Midwest: $2.90
• Gulf Coast: $2.58
• Rocky Mountain: $2.78
• West Coast: $3.86

Over the last week, prices in most regions decreased. A notable shift was seen on the East Coast, with prices falling below the $2.99 or lower average. The Midwest saw an increase of about 4 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Dec. 2:

Oklahoma has remained the number one state with the cheapest price for a gallon of gas at $2.49, which is almost 10 cents cheaper than the following states. Currently, 31 states have a $2.99 or lower average for a gallon of gas.