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, although inflation is still close to a four-decade high.
Recently, however, oil prices have dropped on concern about slowing economic growth around the world. U.S. benchmark crude oil has recently dipped close to $90 a barrel from over $120 a barrel in June. 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.Biden has also sparred with oil companies, accusing them of not producing as much oil and gasoline as they could while posting huge profits. "Exxon made more money than God this year," he said in June.
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