Gas Under $4 A Gallon? It's Already Here In These Places.

After peaking at a record high of more than $5 a gallon on average less than a month ago, gas prices across the U.S. are in a historic free fall.

The average price for a gallon of regular gasoline in the US is $4.70, a drop of more than six percent from the record high of nearly $5.02 reported on June 14.

The cheapest gas is found in Georgia and South Carolina.

In the southern part of the state, where gas is below $4 a gallon on average, many Georgia counties report gas far below the state average.

There are six counties in Texas, two in South Carolina, two in Kentucky, and one in Mississippi with gas under $4 a gallon.

Many of the counties with the cheapest gas are rural, but eight metro areas have gas below $4 a gallon.

In Texas, the metro areas are McAllen- Edinburg-Mission. The number of people in the city of Corpus Christi is 870,781. There are 442,500 people in the area of Brownsville-Harlingen. The total number of people in the two cities is 423,171 and 423,017. The Georgia metros are Columbus and Atlanta. Warner Robins has a population of 327,88 179,605) Valdosta has a population of 156,308. 141,588

Patrick De Haan, head of analysis at GasBuddy, predicted Thursday that prices could fall another 20 to 35 cents a gallon on average in the next few weeks.

Big Number

5,884. That's the number of gas stations that were selling gas for less than $4 a gallon.

California has the most expensive gas in the nation at more than $6.11 a gallon.

Key Background

The fall in gas prices is the result of a decline in the price of crude oil. The price of West Texas Intermediate, the benchmark for US oil, fell to below $100 a barrel earlier this week on fears of a recession. When markets closed Friday, the price was $104.69, a bit higher than the previous day. A combination of a ban on the import of Russian oil, diminished U.S. refining capacity and the slow ramp up of production by the Organization of the Petroleum Exporting Countries ended a months-long spike in oil and gas prices due to fears of a recession. President Joe Biden called on Congress to pass legislation for a three-month gas tax holiday, but the request received a chilly response from congressional Republicans and Democrats.

Surprising Fact

The suspension of the state's gas tax makes Georgia's prices cheaper. The tax break is due to end. New York, Maryland and Connecticut suspended their gas taxes during the spike in gas prices.

Here are the states where gas prices are the most expensive and cheapest.

Here is how far gas prices will fall as oil prices fall.

The price of oil has fallen below $100 per barrel for the first time.