ROCHESTER, N.Y. (WROC) — For the first time since early March, the national average price for gas has fallen under $4, according to fuel pricing platform GasBuddy.
On Tuesday, the national average for one gallon of gas hit $3.99. At the beginning of March, gasoline prices in the U.S. rose above $4 per gallon for the first time since 2008, as Russia launched its invasion of Ukraine. As the attack began to take shape, oil supplies tightened, breaking the previous $4.10 record-high in April and sending prices all the way to an average of $5.03 per gallon in June.
Gas prices have declined by over $1 per gallon since peaking at $5.03 on June 14, fueled by falling oil prices over the last month. According to members of GasBuddy, Americans today will spend nearly $400 million less on gasoline than they did in mid-June.
“The national average is poised to fall back under $4 per gallon as early as today as we see the decline in gas prices enter its eighth straight week,” Patrick De Haan, GasBuddy’s head of petroleum analysis, said in a statement.
“By the end of the week, one hundred thousand stations will be at $3.99 or less,” he said.
Despite the recent drop, prices still vary widely by state and in some cases even region.
As of Monday, the New York State average is $4.43, down 9 cents since last Monday, according to AAA. The average price per gallon of gas in Rochester remains at $4.54 (down 7 cents from last week).
Experts recommend drivers to always shop around for gas, claiming conditions are changing quickly and local stations within a few blocks can vary in price by over 30¢/gal.
Crude prices have fallen as well, as market concerns about weakening demand persist after the EIA reported that total domestic crude inventory increased.
The Organization of the Petroleum Exporting Countries (OPEC), which includes Saudi Arabia, and other oil producers on Wednesday agreed to boost production in September but the slight increase is unlikely to have a significant pricing impact according to AAA officials.