For the first time since March, US gasoline price drops below $4

For the first time in more than five months, gas prices dropped to slightly under $4 per gallon in the United States. This is wonderful news for consumers who are dealing with high prices for many other necessities.

According to the American Automobile Association (AAA), the national average price for a gallon of gasoline on Thursday was USD 3.99.

According to the auto club, prices have decreased by 68 cents over the previous month and by 15 cents over the last week.

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The national average had already dropped to USD 3.98 on Wednesday, according to the shopping app GasBuddy.

Consumers are feeling a little better thanks to lower gas, airline, and clothing prices, yet inflationis still very near a four-decade high.

Oil prices had started rising midway through 2020, as economies were beginning to recover from the pandemic's first shock.

When the US and its allies declared sanctions against Russian oil due to Russia's war against Ukraine, the fuelprices soared once more.

However, recently, oil prices have decreased due to worries about global economic development slowing down. Furthermore, expensive prices might be making US drivers drive less.

The demand for gasoline decreased by 3.3% in the first week of August compared to the same week last year after initially matching more closely with 2021 figures.

Prior to the mid-term elections in November, gas prices are sure to be a significant concern.

Republicans point to President Joe Biden's choices to revoke a permit for a significant pipeline and halt new oil and gas leases on federal lands as evidence that he is responsible for the high cost of fuel.

A family with two cars can save $100 a month thanks to lower rates since mid-June, according to Biden's remarks over the weekend.

He tweeted, "That's breathing room." And we won't be stopping any time soon.

Biden has also engaged in verbal combat with the oil industry, charging them with underproducing oil and gasoline despite reporting enormous profits. He said in June that Exxon had earned more money this year than God.

Exxon claimed that oil production had increased. Chevron's CEO said that Biden was attempting to disparage his sector.

Since early March, the national average for gas has never been below USD 4. According to AAA, prices peaked on June 14 at USD 5.02 a gallon. The rest of June saw a gradual decline before they started to fall more quickly.

Drivers in California, Hawaii, and other western states continue to spend more than $5 a gallon of gas. Texas and a number of other states in the south and midwest have the cheapest gas prices.

The national average price per gallon was approximately USD 3.20 a year ago (3.78 litres).

(With inputs from agencies)