For the first time since May, the average price of a gallon of gas in the United States fell below $4.00, hitting $3.99 according to the American Automobile Association, reports Reuters, echoing an earlier report from fuel-finding app GasBuddy.
The price peaked at $5.02 in June, and has been on a steady decline since then, dropping for more than sixty consecutive days. Fuel prices had risen steadily after the Russian invasion of Ukraine, which strained crude oil supplies on the world market, particularly in Europe.
Crude oil prices have been declining since June, after peaking at $119 per barrel in early March, two weeks after Putin ordered the invasion of Ukraine, and hitting another peak of $117 per barrel again May 30. In another favorable sign for future gas price declines, futures are down 27% since hitting recent highs in June.