HomeBusinessNational average for a gallon of gas drops below $4

National average for a gallon of gas drops below $4

A customer pumps gas at an Exxon gas station on July 29, 2022 in Houston, Texas.

Brandon Bell | Getty Images

The national average for a gallon of gas dropped below $4 on Thursday for the first time since March, in an ongoing sign that inflationary pressures for consumers are easing.

The price for a regular gallon of gas stood at $3.99 on Thursday, according to AAA. That’s more than a dollar below the record $5.02 consumers paid in June, unadjusted for inflation.

Part of the recent decline is thanks to high prices keeping consumers off the road and therefore curbing demand. Additionally, oil prices have dropped sharply, and the government has released barrels from the Strategic Petroleum Reserve, bringing more supply on the market. Some states have also temporarily suspended their gas tax in an effort to partially shield residents from rising prices.

Still, the national average is 81 cents…

Read more at www.cnbc.com

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