Written by THE ASSOCIATED PRESS

Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials.

AAA said the national average for a gallon of regular was $3.99 on Thursday.

Prices have dropped 15 cents in the past week and 68 cents in the last month, according to the auto club.

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

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.

Oil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic. They rose again when the U.S. and allies announced sanctions against Russian oil over Russia’s war against Ukraine.

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

High prices also may be causing U.S. motorists to drive less. 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.

Prices at the pump are likely to be a major issue heading into the mid-term elections in November.

Republicans blame President Joe Biden for the high gasoline prices, seizing on his decisions to cancel 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 is saving $100 a month because prices have dropped from their peak in mid-June.

“That’s breathing room,” he tweeted. “And we’re not letting up any time soon.”

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

Exxon said it has increased oil production. The CEO of Chevron said Biden was trying to vilify his industry.

The nationwide average for gas hasn’t been under $4 since early March. Prices topped out at $5.02 a gallon on June 14, according to AAA. They declined slowly the rest of June, then began dropping more rapidly.

Motorists in California and Hawaii are still paying above $5, and other states in the West are paying close to that. The cheapest gas is in Texas and several other states in the South and Midwest.

A year ago, the nationwide average price was around $3.20 a gallon.

 

Featured image via The Associated Press/David Zalubowski

Related Stories
‹
The Kremlin Relishes in the US-Russia Diesel Deal and Trump’s Criticism of Zelenskyy
A deal between Moscow and Washington over exports of Russian diesel and fresh U.S. criticism of Ukraine’s leader mark important political victories for the Kremlin, reversing some of the sanctions for its full-scale invasion of its neighbor.
On the Porch: Jim Crawford: Metastasized Corruption
This Week: Born into a blue collar and agricultural clan in rural Pennsylvania, Dr. Jim Crawford was the first in his family to graduate from college. Earning his PhD from the University of North Carolina, he taught US and World History at several universities in the piedmont North Carolina for several decades. He served as chairman of the Chatham County board of commissioners. He is a firm believer in American democracy and trusts that the constitution will hold firm now as it has in past crises despite the broken, distempered electorate.
Trump Says He’ll Move to Suspend Federal Gasoline Tax. He Can’t Do It on His Own
Trump wants to suspend the federal tax on gasoline amid surging fuel prices caused by the Iran war. But Congress would have to approve it.
Biden Goes Into 2024 With the Economy Getting Stronger, but Voters Feel Horrible About It
Written by JOSH BOAK President Joe Biden goes into next year’s election with a vexing challenge: Just as the U.S. economy is getting stronger, people are still feeling horrible about it. Pollsters and economists say there has never been as wide a gap between the underlying health of the economy and public perception. The divergence could be a […]
Will Europe’s Ban on Russian Diesel Hike Global Fuel Prices?
Written by DAVID McHUGH Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect Feb. 5 following its embargo on coal and most oil from Russia. The 27-nation bloc is trying to sever […]
Drivers Are Stuck in Limbo as World’s Oil Supply Reshuffles
Written by CATHY BUSSEWITZ and DAVID McHUGH At a gas station outside New York City, retired probation officer Karen Stowe was faced with a pump price she didn’t want to pay. She bought groceries from the convenience store instead, planning to buy cheaper gas elsewhere. “The price is so high, people have to think very hard […]
US Consumer Inflation Eased to 7.7% Over Past 12 Months
Written by PAUL WISEMAN Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the Labor Department […]
As the Causes of US Inflation Grow, so Do the Dangers
Written by CHRISTOPHER RUGABER What keeps driving inflation so high? The answer, it seems, is nearly everything. Supply chain snarls and parts shortages inflated the cost of factory goods when the economy rocketed out of the pandemic recession two years ago. Then it was a surge in consumer spending fueled by federal stimulus checks. Then Russia’s invasion […]
US Inflation Slows for 2nd Month but Remains Stubbornly High
Written by CHRISTOPHER RUGABER U.S. inflation slowed for a second straight month on a sharp fall in gas prices, yet excluding energy most other items got more expensive in August, a sign that inflation remains a heavy burden for American households. Consumer prices surged 8.3% in August compared with a year earlier, the government said Tuesday, down […]
Russia Cuts Natural Gas to 2 NATO Nations in Escalation
Written by YESICA FISCH and JON GAMBRELL Russia dramatically escalated its standoff with the West over the war in Ukraine on Wednesday, cutting natural gas off to NATO members Poland and Bulgaria and threatening to disconnect even more nations. European leaders decried the move as “blackmail.” A day after the United States and other Western allies vowed […]
›