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Gas prices fall below $4 for the first time in five months

By 08/11/2022 3:48 PMNo Comments

On Thursday, gasoline prices dropped to just under the $4 mark for the first time in more than five months.

AAA revealed the national average for a gallon of regular was $3.99.

According to reports, prices have dropped 15 cents in the past week and 68 cents in the last month.

Meanwhile, the shopping app GasBuddy reported that the national average was already down to $3.98 on Wednesday.

Economic experts explain that falling prices for gas, airline tickets, and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.

They said oil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic.

They added that it rose again when the U.S. and allies announced sanctions against Russian oil over Russia’s war against Ukraine.

Moreover, they said oil prices have dropped on concern about slowing economic growth around the world. U.S. benchmark crude oil has recently dipped to close to $90 a barrel from over $120 a barrel in June.

They said high prices may also be causing U.S. motorists to drive less.

 

They added that gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.

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