The average price of gasoline in the U.S. fell below $4 per gallon Thursday for the first time in months, offering some respite to drivers.
The national average price for regular unleaded gas dropped to $3.99 a gallon on Thursday, according to the American Automobile Association. That price is the lowest it’s been since early March.
Gasoline prices surged to a record high in June at $5.02 per gallon amid Russia’s war in Ukraine, according to AAA data.
The association also noted that fewer drivers have been fueling up lately, as Americans change “their driving habits to cope with higher pump prices.”
“Oil is the primary ingredient in gasoline, so less expensive oil is helpful in taming pump prices,” said Andrew Gross, AAA spokesperson on Monday. “Couple that with fewer drivers fueling up, and you have a recipe for gas prices to keep easing.”
The price drop will offer some relief to Americans as they contend with high inflation, with economists warning of a possible recession in the U.S. for months.
The drop could also be good news for the Biden administration as midterm elections loom.
The White House has been working to bring down oil prices after the United States and its allies sanctioned Russian oil, rolling out a plan to release more than 180 million barrels of crude from the U.S. Strategic Petroleum Reserve.
“President Biden promised he would address Putin’s price hike at … the pump, and he has. He is releasing 1 billion barrels of oil a day from the Strategic Petroleum Reserve,” White House spokesperson Karine Jean-Pierre said earlier this week at a news briefing.
“He is rallying — rallying international partners to release an unprecedented amount of oil. And under President Biden’s leadership, U.S. oil production is up and on track to reach a record high.”