The White House is hailing a half-decade milestone as Americans look ahead to Labor Day.
Following an earlier announcement from the White House, press secretary Karoline Leavitt on Thursday said that motorists will experience five-year low gas prices over the holiday weekend, as she gave full credit to President Donald Trump.
"These savings at the pump are giving everyday American families more room in their budgets at the end of each month, which is the exact opposite of what we saw under the previous administration," Leavitt said during her press briefing.
According to GasBuddy, which tracks the prices of gas across the country, the average price is projected to be $3.15 per gallon. It is a 14-cent drop compared to last year, and the lowest price at the pump since 2020, when it was $2.22 per gallon on average.
"Labor Day marks the unofficial end of summer, and when it comes to gas prices, it's been the cheapest summer to hit the road since the pandemic, a trend that will likely continue with the potential for the national average to fall below $3 per gallon this fall," Patrick De Haan, the head of petroleum analysis GasBuddy, said in a statement.
"We've seen a remarkably affordable summer to hit the road with incomes up and gas prices down, but there are some challenges that remain: hurricane season and uncertainty over trade, tariffs and Russia's war on Ukraine. However, I remain optimistic that as cooler weather invades, gas prices too, will seasonally cool off," De Haan continued.
The predicted price drop stands at odds with Trump's repeated claims that some states have reported gas prices falling to as low as $2 per gallon. During his Cabinet meeting earlier this week, the president said that a gallon of gas previously cost $4 or $5.
"Now, it's probably $2.25," Trump said on Tuesday. "There are some places it's $2. It broke $2 in a couple of locations in the south, and in places like California, where they charge such high taxes, it's higher, but it's still much lower than what it was a year ago."
De Haan had fact checked Trump's statement on the social media platform X, writing that he has not seen any station selling gas for less than $2 per gallon as of that morning.
"Having said that, even the wholesale price is not below $2/gal- but no stations sell gas at the wholesale price anyway..." he added.
In New Jersey, gas prices have also hit a 5-year low ahead of the Labor Day weekend. As of Thursday, AAA reported that the average price per gallon of regular gas has dropped to around $3.05. The national average is $3.21.