Holiday travelers in the U.S. are enjoying some welcome relief at the gas pump this season.

According to AAA, the national average price of unleaded gasoline has stayed below $3 per gallon for most of December, marking the lowest levels since 2021. The organization noted that this December is shaping up to be the most affordable for drivers filling up their tanks since 2020, during the early months of the pandemic.

Fuel costs have dropped about 7% compared with last month, AAA data indicates, and have fallen roughly 43% from mid-2022 peaks near $5 per gallon, which followed a surge in inflation after the pandemic.

The decline in gas prices comes as AAA predicts more than 122 million Americans will travel at least 50 miles from home between December 20 and January 1. Nearly nine out of ten of these travelers — around 110 million people — are expected to take to the roads by car.

Lower fuel costs could help offset some of the pressures from persistent inflation in other areas of spending during the holiday season. CNBC’s All-America Economic Survey found that just over 40% of respondents plan to cut back on holiday spending this year, up six points from 2024. Among those tightening their budgets, 46% cited rising prices for goods as the main reason.

However, gas prices vary significantly by region. On Monday, Hawaii and California both reported averages above $4 per gallon, while in Oklahoma, drivers were paying just under $2.30 a gallon.