US gas prices fall below $4, easing fears of inflation

The drop comes after average national pump prices hit a record $5.016 a gallon on June 13. 

By

National News

August 11, 2022 - 3:26 PM

U.S. average retail gasoline prices fell below $4 a gallon to the lowest level since early March, according to data from AAA.

In Kansas, the average price is $3.611.

Prices were at $3.99 figures released Thursday showed, continuing a downward trend for almost two months. Costs have fallen with cheaper oil and relatively weak demand. By one measure, fuel consumption has recently been lower than it was during the summer of 2020 when the country was in the throes of the pandemic.

So far this summer, a slump in the crude price and underwhelming demand for the fuel have helped drag U.S. retail gas prices lower. On Wednesday, figures showed that the surge in the consumer price index decelerated last month, cooling from a 9% increase in June when fuel prices hit multiple record highs. Rampant inflation has been squeezing American households for months, and the steady run of declines in the fuel price is likely to start to ease some of that pressure.

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