The average price of U.S. retail gasoline fell below $4 per gallon on Thursday for the first time in months, giving some relief to drivers in the world’s largest consumer of the fuel.
The national average price for regular unleaded gas fell to $3.990 a gallon on Aug. 11, according to the American Automobile Association.
Gasoline prices peaked at a record $5.02 in June. That high cost curbed spending, and prices have also dropped as market fears of severe restrictions on supply have ebbed since Russia first invaded Ukraine in February.
Gasoline prices tend to peak in the summer. They usually drop as summer driving season ends around Labor Day but that is not until Sept. 5.
The latest price drop may help President Joe Biden’s Administration and Democrats in Congress as midterm elections approach. The White House has taken several steps to curb oil prices in the wake of Moscow’s invasion of Ukraine.