<mediadc-video-embed data-state="{"cms.site.owner":{"_ref":"00000161-3486-d333-a9e9-76c6fbf30000","_type":"00000161-3461-dd66-ab67-fd6b93390000"},"cms.content.publishDate":1660209615852,"cms.content.publishUser":{"_ref":"00000162-07c3-d172-a563-4febcc790000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"cms.content.updateDate":1660209615852,"cms.content.updateUser":{"_ref":"00000162-07c3-d172-a563-4febcc790000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"rawHtml":"
var _bp = _bp||[]; _bp.push({ "div": "Brid_60209607", "obj": {"id":"27789","width":"16","height":"9","video":"1073026"} }); ","_id":"00000182-8c34-df44-adfa-acfe49b60001","_type":"2f5a8339-a89a-3738-9cd2-3ddf0c8da574"}”>Video EmbedFor the first time since March, the average price for a gallon of gas in the United States has dipped below $4 a gallon.
The national average price for regular gasoline dropped to $3.99 a gallon on Thursday, according to AAA. The national average is still 80 cents higher than what it was a year ago.
INFLATION TICKS DOWN TO 8.5%, BOLSTERING HOPES IT MIGHT BE CRESTING
Gas prices soared to a record high this summer, with regular unleaded reaching a peak of $5.02 per gallon in June.
The dip in the price of gasoline comes on the heels of a much-anticipated inflation report released on Wednesday that showed inflation slowed to 8.5% for the 12 months ending in July, thanks in part to lower energy prices. The report’s gasoline index fell 7.7% in July.
The White House celebrated news of eight consecutive weeks of lower gas prices on Tuesday.
“I know you guys love us talking about gas prices going down,” White House press secretary Karine Jean-Pierre said. “That’s delivering over $100 a month in vital relief to American families with two cars. This is the fastest decline in gas prices in over a decade — nearly a dollar drop in just 56 days.”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
The relief at the pump, however, may be short-lived.
A Goldman Sachs report on Monday indicated that gasoline prices are set to rise back to roughly $4.35 per gallon by the end of the year. Goldman Sachs analysts predicted in the report that prices will continue to climb next year, rising to an average of $4.40 in 2023. The financial services company cited supply shortages and sustained high demand as the primary drivers of future price increases.
