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| Photo Credit: AP. |
U.S gas prices Thursday fell below $4 a gallon for the first time in over 5 months, an indication that the country’s inflation may be easing.
What is the national gasoline average price per gallon?
According to
AAA, the national average price for gasoline dropped to $3.99 per gallon but is
still 80 cents height, Washington Examiner reports.
In June gas
prices reached a peak of $5.02 per gallon just as U.S. inflation soared.
The Associated
press reported that prices have dropped 15 cents in the past week and 68 cents
in the last month, according to AAA.
The shopping
app GasBuddy reported that the national average was already down to $3.98 on
Wednesday, according to The Associated Press.
When did gas price start rising?
Oil prices starting
rising in mid-2020 following drop in production as a result of the COVID-19
pandemic but they rose again following Russia’s invasion of Ukraine as the United
States and allies imposed targeted sanctions on Moscow.
The White
House celebrated the eight consecutive weeks of lower gas prices Tuesday.
"I know
you guys love us talking about gas prices going down," White House press
secretary Karine Jean-Pierre said, according to Washington Examiner.
"That's delivering over $100 a month in vital relief to American families
with two cars. This is the fastest decline in gas prices in over a decade —
nearly a dollar drop in just 56 days."
U.S.
benchmark crude oil recently tanked close to $90 a barrel from over $120 a
barrel in June, according to The Associated Press.
Republicans
are blaming President Joe Biden for the high gasoline prices, citing his
decisions to cancel a permit for a major pipeline and suspension of new oil and
gas leases on federal lands.