Gasoline prices are dropping back toward the $4 a gallon mark, their lowest point in more than five months.
FILE - A motorist fills up the tank on a sedan, on July 22, 2022, in Saratoga, Wyo. Gasoline prices are sliding back toward 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.
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.Prices have dropped 15 cents in the past week and 68 cents in the last month, according to the auto club.Falling prices for gas, airline tickets and clothes are giving consumers a bit of relief, althoughOil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic.
High prices also may be causing U.S. motorists to drive less. Gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.Republicans blame President Joe Biden for the high gasoline prices, seizing on his decisions to cancel a permit for a major pipeline and suspend new oil and gas leases on federal lands.
Biden said over the weekend that a family with two cars is saving $100 a month because prices have dropped from their peak in mid-June.
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