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August 23, 2022 9:10 AM, EDT

Gas Prices Fall for 70 Straight Days

gas fillupLuke Sharrett/Bloomberg News

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Gasoline prices in the U.S. have fallen for 70 days straight, the longest down streak since January 2015.

Pump prices are averaging $3.892 a gallon after reaching a record high of $5.016 a gallon in mid-June, according to auto club AAA.



The price drop is a welcome relief for consumers after fuel costs earlier this summer forced many to forgo driving vacations and change their lifestyles. Lower gasoline prices also are expected to slow historic inflation, which has become a major challenge to President Joe Biden and Democrats in November’s midterm elections.

DIESEL PRICES: Regional Variance Produces Tiny Drop in Diesel’s National Average

Prices have fallen along with those of crude oil, the major component of the cost of gasoline. A relatively slow summer of fuel consumption and wider recession fears contributed to the decline as did the release of as much as 1 million barrels per day of oil from U.S. emergency reserves, with plans to continue until October.

The decline is likely to continue as the driving season winds down. At current levels, pump prices are still 23% higher than the same time last year.

— With assistance from Sheela Tobben.

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