Gas prices are beginning to fall after months of record-breaking high prices.
For the last 41 days prices have fallen steadily, though at $4.28 the national average is still higher than July 2021 when it was $3.16.
Prices have fallen 12 cents in the last week and 60 cents in the last month.
Falling demand seems to be the main reason for the decline.
“Consumers appear to be taking the pressure off their wallets by fueling up less,” says American Automobile Association spokesman Andrew Gross.
Gas prices hit a record high in June at $5.01 a gallon. Since then, it appears that drivers are cutting back on the amount of time on the road to save money.
In addition to lower demand, there is an increase in supply. The Biden administration has been releasing barrels of oil from the Strategic Oil Reserve in March. Since then, the administration has released more than 125 million barrels of oil.
Gas prices began to rise following Russia’s invasion of Ukraine.
Though lessening demand may grant consumers a brief reprieve, it is unclear whether or not the drop will continue. The price of wholesale gasoline is beginning to increase again, signaling a potential rise in prices at the pump.
