AAA says the national average for a gallon of regular was $3.99, good news for consumers who are struggling with high prices for other essentials.
Most analysts say the report for July suggests the rate of inflation has peaked and will gradually decline from its 40-year high.
Recently, however, oil prices have dropped on concern about slowing economic growth around the world. And high prices 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 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.
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