Gas prices are dropping all over the U.S. ahead of holiday travel

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I tell you, there’s a lot to be thankful for this week, at least if you’re planning to hit the interstate at any point over the holidays:

Everyone who drives cars right now like:

It’s certainly nice to get a break! And there’s no doubt about it — per AAA, gas prices are considerably down from over a year ago:

Gas getting so cheap you can practically take a shower in it!

The low prices are driving a considerable boost in family spending power:

In October 2024, the average purchasing power for middle-income families was 103.1%, up from 102.7% in September 2024. This marks the sixth consecutive month purchasing power rose for middle-income families. Spending power is at its highest level since January 2021 and is up 3.4% from a year ago. The recent recovery is driven primarily by gas prices continuing to fall in October.

So what’s driving the trend? Well, earlier this year we saw high levels of gas production, ahead of even the elevated levels of 2023. That doubtlessly has something to do with it.