According to the American Automobile Association's (AAA) tracker, the average national price of gas fell below $4 per gallon on Thursday for the first time since March, but the cost remains higher than lows seen earlier this year.
Since May, the national average price of gas has fallen below $4 a gallon.
The average price of gas was reported by Gas Buddy.
The drop in gasoline prices will give some relief to Americans at the pump, but they are still more expensive than at the beginning of the year.
The price is still much higher than it was a year ago.
A drop in demand for gasoline, a slump in global crude oil prices and various state gas tax holidays are some of the factors that have contributed to the fall in gas prices.
Consumer price inflation fell from a 40-year-high of 9.1% in June to 8.5% in July due to the continued drop in prices.
According to analysts, gas prices could rise once again in the next few months as demand picks up again while an unsustainable deficit remains on the supply side A spike in crude oil prices could be passed on to consumers at the pump as a result of the war inUkraine.
$3.99. Patrick De Haan, the head of petroleum analysis at GasBuddy, predicted that the price of a gallon of gas could drop to less than $2.
The price of gas in the US went up in March after Russia invaded Ukraine. The U.S. and its European allies hit Moscow with sanctions that included a ban on oil imports from the country. The current drop in prices has been aided by a slump in global crude oil prices with the benchmark crude dropping to $98.26 per barrel on Thursday, down from $124 in June and a 14 peak of more than $133 in March. How long this decline will last is not known.
The price of gas has fallen below $4 a gallon for the first time.
It was the first time in months that inflation went up in July.
There is a real reason for the rising gas prices.
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