U.S. gasoline prices fell just below $4 a gallon for the first time in more than five months, good news for consumers facing rising prices for many other essential goods. meaning, reported the Associated Press.

The American Automobile Association (AAA) reported that the average price of a gallon of regular unleaded gasoline today is $3.99. 

Quotes are down 15 cents in the past week and 68 cents in the past month, according to the association's data.

The GasBuddy shopping app reported that the average price of unleaded gasoline in the country dropped to $3.98 yesterday.

Cheaper gasoline, plane tickets and clothing are giving consumers a breather, although inflation is still near its 40-year high, AP notes.

Oil prices began to rise in mid-2020 as economies recovered from the initial shock of the pandemic.

They jumped further when the US and its allies announced sanctions on Russian oil over the invasion of Ukraine.

Recently, however, black gold prices have fallen due to fears of a slowdown in global economic growth.

Benchmark U.S. light crude has recently fallen to near $90 a barrel, down from more than $120 a barrel in June. 

The price of gasoline in the US has not been below $4 since the beginning of March.

The value jumped to $5.02 a gallon on June 14, according to data from the American Automobile Association.

The rest of June saw a slow decline and then an acceleration of that decline.

Drivers in California and Hawaii are still paying more than $5, and gas costs in other western states are close to that amount.

Gasoline is cheapest in Texas and some other states in the southern US and Midwest.

London is investigating the fuel market because of the surge in prices 

A year ago, the average price of gasoline in the country was $3.20 per gallon, AP recalls.

high fuel prices