Headline Roundup • August 11th, 2022
Average Gas Prices Fall Below $4 Per Gallon
Summary from the AllSides News Team
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.
Featured Coverage of this Story
Gabby Jones for The New York Times
Gas prices in the United States fell below $4 a gallon on Thursday, retreating to their lowest level since March, a drop that has brought relief to Americans struggling with the skyrocketing cost of everything from groceries to rent.
The national average cost of a gallon of regular gasoline now stands at $3.99, according to AAA, after 58 consecutive daily declines. That’s higher than it was a year ago but still well below a peak of nearly $5.02 in mid-June. Energy costs feed into broad measures of inflation, so the drop is...
REUTERS/Gary McWilliams
The average price of U.S. retail gasoline fell below $4 per gallon on Thursday for the first time in months, giving some relief to drivers in the world's largest consumer of the fuel.
The national average price for regular unleaded gas fell to $3.990 a gallon on Aug. 11, according to the American Automobile Association.
Gasoline prices peaked at a record $5.02 in June. That high cost curbed spending, and prices have also dropped as market fears of severe restrictions on supply have ebbed since Russia first invaded Ukraine in...
AP Photo/David Zalubowski, File
Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials.
AAA said the national average for a gallon of regular was $3.99 on Thursday.
Prices have dropped 15 cents in the past week and 68 cents in the last month, according to the auto club.
The shopping app GasBuddy reported that the national average was already down to $3.98 on Wednesday.
Falling prices for gas, airline tickets...
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