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US gas prices fell below $4 a gallon for the first time in five months

After months of gas prices hitting all-time highs, U.S. drivers are feeling relieved at the pump, and the national average fell below $4 a gallon Thursday for the first time since June. The average cost of a gallon of regular gasoline is $3.99, according to AAA. While the price is higher than last year’s $3.18, it’s a big drop from June 14 when the price peaked at $5.01. Average national gas prices continued to decline from that peak, dropping at least a cent per day for 38 consecutive days. . AAA spokesman Andrew Gross told USA Today that three things caused the price drop: lower oil prices, lower demand for gas and “a nice little band aid” by the Biden administration to free oil from the Strategic Petroleum Reserve. There is no clear answer as to whether prices will continue to decline as numerous factors play a role, including oil prices, demand, Russian aggression in Ukraine, inflation and recession fears.

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