Gasoline is approaching or has fallen below $3 a gallon in most states, returning to a national average not seen since February in one of the clearest examples of prices declining after a period of rapid inflation.

Prices at the pump averaged $3.16 for regular gas on Tuesday, down 11% from this time last year, according to the motor club AAA. Average prices have already dipped below $3 a gallon in 19 states, including the swing states of Georgia, North Carolina and Wisconsin.

That’s made filling up much more affordable than it typically is in the weeks before a presidential election.

Along with the cost of other staples like eggs and milk, the price of gasoline is frequently invoked by politicians and consumers alike as a barometer for the health of the economy and how Americans are faring financially.

Americans are currently spending around 2% of their disposable income on gasoline, less than they did in the run-up to all recent presidential elections besides the 2020 contest, according to ClearView Energy Partners, a research firm in Washington, D.C.

— The New York Times