The average price of gasoline fell below $4 for the first time since March.

The average price of gasoline for this Thursday was $3.99 per gallon nationwide, according to AAA.

Photo: JOSEPH PREZIOSO/Getty Images

Gasoline prices fell this Thursday just below the $4 mark for the first time in more than five monthswhich is good news for consumers who are struggling with high prices for many other essential items.

AAA said the national average for a gallon of regular was $3.99 on Thursday. Prices are down 15 cents in the last week and 68 cents in the last monthaccording to the automobile club.

The national gas average hadn’t dipped below $4 since early March. Gasoline prices hit a record high of $5.02 in Junewhen drivers filled their tanks for the summer travel season.

Nevertheless, decreased slowly the rest of Junethen began to fall more rapidly.

Despite falling prices, motorists in California and Hawaii are still paying more than $5, and other western states are paying close to that. The cheapest gasoline is in Texas and several other states in the South and Midwest..

A year ago, the national average price was about $3.20 a gallon.

Falling prices for gasoline, airline tickets and clothing are giving consumers some relief, though inflation is still near a four-decade high.

oil prices down

Oil prices began to rise in mid-2020, when economies recovered from the initial shock of the pandemic.

However, they increased again when the administration of President Joe Biden and his allies announced sanctions against Russian oil for Russia’s war against Ukraine.

Recently, oil prices have fallen due to concerns about slowing economic growth around the world. benchmark crude oil recently fell close to $90 a barrel from over $120 per barrel in June.

High prices may also be causing drivers to use their cars less and less.

Gasoline demand in early August fell 3.3% compared to the same week last year, after more closely following the 2021 figures earlier in the summer.

Biden has sparred with oil companies, accusing them of not producing as much oil and gasoline as they could while making huge profits. “Exxon made more money than God this year,” he said in June.

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