Gas Falls Below $4 A Gallon For First Time Since March

The average price for a gallon of gas dipped below $4 on Tuesday morning for the first time in the U.S. since March, according to fuel pricing platform GasBuddy, a welcome milestone as prices continue to fall dramatically from their all-time highs.

The average price for a gallon of gas is $3.999, GasBuddy reports, a stark 20.5% decline from the June 16’s all-time high of $5.034.

Tuesday marks the 55th straight day of declining prices at the pump, according to Patrick De Haan, GasBuddy’s head of petroleum analysis.

The nation’s other leading gas price tracker AAA still estimates the average price for a gallon of gas is $4.033, and AAA reports the average price is still over $4 per gallon in 26 states and Washington, D.C., led by California at $5.420 and Hawaii at $5.417.

Gas is the cheapest in the Southeast and is the lowest in Texas ($3.482), Oklahoma ($3.518), Arkansas ($3.542), South Carolina ($3.546), Mississippi ($3.576), Tennessee ($3.579), Georgia ($3.579), Louisiana ($3.601) and Alabama ($3.602), according to GasBuddy.

Gas prices are still up 82 cents compared to a year ago and $1.72 from the 2022 low of $3.279 on January 2, according to GasBuddy.

Gas prices exploded after Russia’s invasion of Ukraine in February threatened global crude oil supply, and broke the $4 mark in March for the first time in the U.S. since 2008.

 

R&I – TxpAT

PragDem

Article URL : https://www.forbes.com/sites/dereksaul/2022/08/09/gas-falls-below-4-a-gallon-for-first-time-since-march/?sh=545e26653a4d