Gas prices fall below $4/gallon average for the first time in nearly 6 months

Prices shot up to record levels ahead of summer driving season.

Updated: August 9, 2022 - 11:32am

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Gas prices nationwide have dropped to below $4 per gallon on average, the lowest those numbers have been since early spring and a sign of continued economic cooling after a frenzied spike in fuel prices around the country. 

The price of gas "has fallen back under the $4 mark to $3.99 per gallon for the first time since early March," the gas-saving service GasBuddy reported on Tuesday.

Prices "have declined over $1 per gallon since peaking at $5.03 on June 14," GasBuddy said, with that decline "fueled by falling oil prices over the last month."

The Biden administration weathered intense criticism over the course of the gas spike earlier in the year, with the White House being slammed for reportedly not doing enough to ramp up domestic production amid the tightening market.

The Russia/Ukraine war also contributed to the price spike, with Russia's command over a significant portion of the global oil supply throwing some markets into chaos.

GasBuddy said the current price dip means Americans today "will spend nearly $400 million less on gasoline than they did in mid-June."