The average price of a gallon of gas in the U.S. dipped below $4 a gallon for the first time in months, AAA reported Thursday. Gas prices rose to a nominal record high of $5.01 a gallon in mid-June, but have been steadily dropping since then, to Thursday's national average of $3.99 a gallon.
"It's sort of like a very simple roller coaster ride because we went up, and now we're coming down," AAA spokesman Andrew Gross told USA Today. "When things kind of go up really fast, they also tend to kind of fall really fast." He said the biggest factor in the price slide is the dropping price of crude oil, but there has also been less demand for gas and "a pretty good little band aid" from President Biden's withdrawals from the strategic petroleum reserve.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Fed cuts rates half a point, hinting victory on inflationSpeed Read This is the Fed's first cut in two years
-
US inflation drops below 3%, teeing up rate cutsSpeed Read This solidifies expectations that the Federal Reserve will finally cut interest rates in September
-
Would Trump's tariff proposals lift the US economy or break it?Talking Points Economists say fees would raise prices for American families
-
US inflation cools further in welcome sign for economySpeed Read Prices fell in June for the first time in four years
-
The big deal: Why are fast-food chains suddenly offering discounts?Today's Big Question After inflation and price hikes, a need to bring customers back
