Gasoline prices in the US fell below $4 per gallon for the first time in five months.

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The data confirms the decline in inflation after the data released this Wednesday that caused a very positive day on Wall Street.

Fuel pump in Saratoga, Wyoming (AP)
Fuel pump in Saratoga, Wyoming (AP)

this gasoline prices they went down Less than $4 for the first time in over five months good news for consumers struggling with the high prices of many other essentials.

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The national average was $3.99 for a gallon of regular gasoline on Thursday, according to AAA, an auto club that monitors prices.

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Prices fell 15 cents last week and 68 cents last month. depending on the institution.

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The GasBuddy shopping app reported that the national average had already dropped to $3.98 on Wednesday.

Falling gas, airline tickets, and clothing prices provide consumers with some relief, but inflation remains close to a four-year high.

Oil prices began to rise in mid-2020 after economies recovered from the initial shock of the pandemic. The US and its allies rose again as they announced sanctions against Russian oil over Russia’s war against Ukraine.

Sales at an Exxon station in Miami (AP/file)
Sales at an Exxon station in Miami (AP/file)

However, recently, Oil prices fell on concerns that global economic growth would slow. . Benchmark U.S. crude has recently dropped to around $90 a barrel, from more than $120 a barrel in June.

High prices may also make US drivers drive less . In early August, gasoline demand fell 3.3% from the same week last year after approaching 2021 figures in early summer.

Pump prices are probably An important issue ahead of the midterm elections in November .

Republicans blame President Joe Biden for high gas prices and are taking advantage of his decision to revoke a permit for a major pipeline and suspend new oil and gas leases on federal soil.

Biden said over the weekend A family with two cars saves $100 a month as prices drop from their peak in mid-June . “It’s a breather,” he tweeted. “And we’re not going to stop doing that anytime soon.”

Biden also swore at oil companies, accusing them of not producing as much oil and gasoline as possible while making huge profits. “Exxon has made more money than God this year,” he said in June.

Joe Biden (Reuters)
Joe Biden (Reuters)

Exxon said it was increasing oil production. Chevron’s CEO says Biden is trying to defame his industry.

The national average for gasoline has not dropped below $4 since the beginning of March. Prices peaked at $5.02 per gallon on June 14. , according to AAA. They fell slowly for the rest of June and then began to fall faster.

Drivers in California and Hawaii still pay more than $5, and other western states pay close to that. The cheapest gasoline is found in Texas and other states in the South and Midwest.

A year ago, the national median price was about $3.20 per gallon.

(with information from AP)

Source: Info Bae

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