How Much Lower Will They Go?
After reaching an all-time average high of $5.02 in mid-June, the national average for a gallon of gas has finally slipped back under $4.
Why it mattersLower prices would help American households battle ongoing inflation.
Almost two months after gas prices hit an all-time high of $5.02 nationwide, they have fallen to under $4 for the first time since March. The national average for a gallon of unleaded on Aug 11 was $3.99, according to AAA.
Several factors have fueled the price decline, including Americans limiting their driving: Gasoline consumption is down almost 10% from last summer, according to the US Energy Information Administration. The cheaper cost of oil has also led to lower prices at the pump: While Brent crude futures, an international benchmark, rose 68 cents on Wednesday, at $96.99 a barrel, they are still under the $100 line. (U.S. West Texas Intermediate crude futures gained 83 cents, hit to $91.33.)
Patrick de Haan, head of petroleum analysis at GasBuddy, correctly predicted in a July 18 blog post that the nationwide average would fall to $3.99 by mid-August.
Here's what you need to know about gas prices, including where they might go next and what the White House is doing to keep them in check.
For more on the gas crisis, find out which states are holding gas tax holidays and which are issuing gas rebate checks, and check out quick tips for saving money at the pump.