U.S. Gasoline Prices Fall Below $4 A Gallon For 1st Time Since March

The average price of US retail gasoline fell below $4 per gallon on Thursday, August 12, 2022, for the first time in months, giving some relief to drivers in the country that is the world's largest consumer of the fuel, Laura Sanicola reported for Reuters.

Photo Insert: Gasoline prices peaked at a record $5.02 in June.

The national average price for regular unleaded gas fell to $3.990 a gallon on Aug. 11, according to the American Automobile Association (AAA). 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 February.

Gasoline prices tend to peak in the summer. They usually drop as summer driving season ends around Labor Day but that is not until Sept. 5. The latest price drop may help President Joe Biden's Administration and Democrats in Congress as midterm elections approach.

The White House has taken several steps to curb oil prices in the wake of Moscow's invasion of Ukraine. At one point, crude oil, the main driver of gasoline prices, reached $139 a barrel; it was at $92 on Wednesday.

"More work remains, but prices are coming down, and the President will continue to call on domestic and international oil producers to increase output so that they can continue to come down," said White House spokesperson Karine Jean-Pierre earlier this week.

The White House is in the midst of releasing more than 180 million barrels of crude oil from the US Strategic Petroleum Reserve. US oil output has risen by about 500,000 barrels per day (bpd) this year to 12.2 million bpd.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic