Gas prices are finally coming down, but how far?

Gas prices are displayed at an Exxon gas station on July 29, 2022 in Houston, Texas. (Photo by Brandon Bell/Getty Images)

U.S. gasoline prices fell for the 50th straight day, the fastest rate in more than a decade, according to the American Automobile Association.

The national average gas price currently sits at $4.13 per gallon, with eight states seeing prices fall below $4 per gallon.

In June, gasoline prices had peaked at $5.02 per gallon.

Currently, the average price of a gallon of gasoline in New York is $4.48 and $4.35 in New Jersey. In Connecticut, the average price fell to $4.31.

The cheapest gas in the country is in Texas, where a gallon of regular gas currently costs $3.69 on average.

“Consumers seem to be taking the strain off their wallets by making less fuel,” said AAA spokesman Andrew Gross. “And there are reasons to be cautiously optimistic that prices at the pump will continue to fall, particularly if the world price of oil does not rise. But the overall situation remains very volatile.”

President Joe Biden tweeted earlier this week that the current drop in gasoline prices is the fastest the country has seen in over a decade.

However, Biden critics haven’t missed an opportunity to point out that gasoline still costs nearly $2 a gallon more than it did when Biden took office.

That said, gasoline prices may continue to decline in the future.

“If gas demand remains weak as inventories rise, alongside a continued reduction in crude prices, drivers will likely continue to see pump prices fall,” AAA said.


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