The Gasoline prices They came down to Less than $4 for the first time in over five monthsGood news for consumers who are struggling with the high prices of many other essential products.
According to the AAA auto club, which monitors prices, the national average for a gallon of regular gasoline was $3.99 on Thursday.
Prices are down 15 cents in the last week and 68 cents in the last monthAccording to the organisation.
For its part, shopping app GasBuddy reported that the national average had already fallen to $3.98 on Wednesday.
Lower prices for gasoline, airline tickets and clothing are giving consumers some relief, even though inflation remains near four-decade highs.
Oil prices began to rise in mid-2020, as economies recovered from the initial shock of the pandemic. It escalated again when the United States and its allies announced sanctions on Russian oil due to Russia’s war against Ukraine.
Recently, however, Oil prices fell on fears of slowing economic growth around the world. The US benchmark crude recently fell to around $90 a barrel from over $120 a barrel in June.
Higher prices may make US motorists drive less. Gasoline demand in early August was down 3.3% from the same week last year, after getting close to 2021 figures earlier in the summer.
Prices at the pump are likely to be An important issue before the midterm elections in November.
Republicans blame President Joe Biden for rising gas prices, capitalizing on his decision to revoke a permit for a major pipeline and suspend new oil and gas leases on federal lands.
Biden said over the weekend that A family with two cars saves $100 a month because prices are down from their peak in mid-June. “This is a break,” he wrote on Twitter. “And we won’t stop doing that anytime soon.”
Biden also criticized the oil companies, accusing them of not producing as much oil and gasoline as possible while making huge profits. “Exxon made more money than God this year,” he said in June.
Exxon said it has increased oil production. The Chevron CEO said Biden was trying to discredit him.
The national average for gasoline hasn’t been under $4 since early March. Prices peaked at $5.02 a gallon on June 14, according to the AAA. They fell slowly for the rest of June, then began to decline more rapidly.
Motorists in California and Hawaii continue to pay more than $5, and other western states pay nearly that. The cheapest gasoline is found in Texas and other states in the South and Midwest.
A year ago, the national average price was about $3.20 a gallon.
(with information from AP)