Headline RoundupAugust 11th, 2022

Average Gas Prices Fall Below $4 Per Gallon

AllSides Summary

On Thursday, the average price for a gallon of gas fell below $4 - the lowest level since March.

According to AAA, the average price is now $3.99, having dropped 15 cents in the past week and 68 cents in the month of July. This is good news for consumers, who despite a slowdown of inflation in July, have been struggling with the high costs of everything from groceries to rent. It is also welcome news for President Joe Biden, who has promised to lower gas prices, and for Democrats in Congress as the 2022 midterm elections approach. Meanwhile, the White House is in the process of releasing more than 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve.

While lower gas prices give consumers a bit a relief, many wonder if the trend will last. Media outlets from across the political spectrum sited that inflation is still close to a four-decade high, and up 8.5% from a year ago. 

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