WASHINGTON D.C.: Providing relief to drivers in the United States, the average retail gasoline price in the US fell below $4 per gallon this week for the first time since March.
The American Automobile Association said that the national average price for regular unleaded gas fell to $3.99 per gallon.
Prices in June reached a record $5.02 and resulted in drivers purchasing less fuel in July than during the COVID-19 pandemic in July 2020.
The latest price drop could help Democrats in Congress during the upcoming November midterm elections.
This year, U.S. oil output rose by about 500,000 barrels per day (bpd) to 12.2 million bpd, while the White House is releasing more than 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve.
Data from the recent week showed August's demand rising from July, which could signal that a recent decline in prices would stimulate demand, said analysts.
For the four weeks ending on 29th July, gasoline supplied was 8.59 million bpd, compared with 8.72 million bpd in July 2020.
However, consumers recently interviewed expressed caution, despite the lower prices.
Kevin Williams, a U.S. Postal Service worker who was filling his tank in Atlanta this week, said, "They are coming down, but not near enough. Even with prices down, it's still running me $50-$60 to fill up. It used to be $30," as quoted by Reuters.