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Why Summer Gas Prices Are at a Four-Year Low
- Gas prices in the U.S. are at their lowest level in four years, with the national average around $3.20 per gallon as of late June 2025.
- This decline followed a spike caused by the Israel-Iran conflict but eased after a ceasefire and U.S. strikes on Iranian nuclear sites reduced geopolitical risks to oil supply.
- Analysts attribute falling prices to increased oil production by OPEC+, a slowing U.S. economy, and rising supply, despite the California state excise tax increasing July 1 from 59.6 to 61.2 cents per gallon.
- Patrick De Haan of GasBuddy said this summer will be the cheapest since 2021, estimating gas prices could drop below $3 a gallon by September as temporary shocks fade and refinery permitting accelerates.
- The low prices imply Americans spend about 3% of their income on fuel annually, and the trend suggests gradual price declines over summer with possible long-term savings from regulatory shifts and increased production.
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Summer Gas Prices Hit 4-Year Low: How Long Will it Last?
As many Americans hit the roads and begin their Fourth of July holiday travel rush, gas prices have hit a four-year low. NBC’s Christine Romans joins TODAY to break down whether they'll continue to drop, the states with the highest and lowest prices and more.
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Coverage Details
Total News Sources15
Leaning Left5Leaning Right3Center4Last UpdatedBias Distribution42% Left
Bias Distribution
- 42% of the sources lean Left
42% Left
L 42%
C 33%
R 25%
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