Gas prices drop, Rep. Walorski funeral, 'Field of Dreams' game: 5 things to know Thursday

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US gas prices drop below $4 per gallon for the first time in five months

Months after gas prices reached all-time highs, U.S. drivers are feeling relief at the pump with the national average falling under $4 per gallon Thursday for the first time since June. The average cost of a gallon of regular gasoline is $3.99, according to AAA. While still more than what prices were last year at $3.18, it’s a major drop from when prices peaked at $5.01 on June 14. The average national gas price has continued to fall ever since that peak, dropping at least one cent daily for 38 consecutive days. AAA spokesperson Andrew Gross told USA TODAY three things have factored into falling prices: the cost of oil, less demand for gas and “a pretty good little band aid” in the Biden administration releasing oil from the strategic petroleum reserve. As to whether the prices will continue to drop, there is no clear answer since numerous factors are at play, such as price of oil, demand, the Russian invasion of Ukraine, inflation and fears of a recession. 

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