Gas prices look poised to fall below $3 per gallon for the first time since May 2021.
Why it matters: Prices at the pump can dictate drivers’ budgets, and have been shown to impact consumer sentiment.
Zoom in: The national average price of gas was $3.07 as of this afternoon, marking its lowest point in 2023, according to GasBuddy.
“We are now within just a couple cents of falling to the lowest levels since 2021,” Patrick De Haan, head of petroleum analysis for GasBuddy, tells Axios.
The big picture: Myriad factors have led to lower prices in recent weeks, including concerns about China’s economy, record U.S. oil production and traditional seasonal patterns, De Haan says.