U.S. gas prices fall to pre–Ukraine invasion levels, Dow jumps back up into bull market

The average price of gas in the U.S. fell to under $3.50 a gallon on Wednesday, AAA reports, making gas as cheap as it was before Russia's invasion of Ukraine in late February destabilized global energy. And GasBuddy, which tracks the price of gasoline, predicts prices could drop below $3 a gallon by Christmas, The Washington Post reports.

The price of gas "is the main signal consumers notice on inflation," Duke University economics professor Emma Rasiel tells the Post. "It is the one thing they are likely to track, how much it has gone up or down, because every week they need to fill up their car." Falling gas prices won't necessarily bring down prices of other goods and services, at least not unless they stay low for an extended period of time, she cautions.

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.