The average price for a gallon of gasoline has fallen below $4, according to a leading tracker of prices.
AAA reported that the current national average for regular gasoline has fallen to $3.99. That’s well below the peak of $5.02 in mid-June, though still up considerably from the $3.19 average one year ago.
The Energy Information Administration’s tracker hasn’t seen regular gas prices below $4 since late February.
Gas prices range dramatically by state, with California prices averaging $5.38 per gallon while Texas prices are just $3.49.
The White House has taken some credit for gas prices dropping after releasing oil from the Strategic Petroleum Reserve. The Treasury Department in late July estimated the SPR release lowered prices anywhere from 17 cents to 42 cents per gallon.
The drop more broadly tracks a big decline in crude-oil prices CL.1, +0.92% BRN00, +0.87% amid worries the global economy will deteriorate as the Federal Reserve and other central banks lift interest rates to fight inflation. The International Energy Agency also reported last month that U.S. and Canadian producers were boosting output, and the sanctions on Russia’s oil industry were having less impact than expected.