National gas price average dips below $4, but not for most of the Philadelphia region
While gas prices in Philadelphia, the Pa. suburbs and South Jersey are steadily dropping, they have yet to dip below $4.
PHILADELPHIA (WPVI) -- The national average for a gallon of gas dipped to just under the $4 mark for the first time in more than five months, AAA said on Thursday.
Prices have dropped 15 cents in the past week and 68 cents in the last month, according to the auto club.
AAA's gas price report on Thursday morning had the price of a gallon of regular unleaded at $3.99.
The shopping app GasBuddy reported that the national average was already down to $3.98 on Wednesday.
However, while gas prices in Philadelphia, the Pa. suburbs and South Jersey are steadily dropping, they have yet to dip below $4.
According to AAA Mid-Atlantic, the average for Philadelphia and the Pa. collar counties is $4.36, down nine cents in the last week.
The average for all of Pennsylvania stands at $4.32, which is down 12 cents in the last week.
In South Jersey, the average is $4.17, which is down 11 cents in the last week, while average for all of New Jersey is $4.22 and down 13 cents in the last week.
Meanwhile, Delaware has dropped well below the $4 mark. The average price for a gallon of regular unleaded in the First State is $3.86, down 15 cents in the last week.
The nationwide average for gas hadn't been under $4 since early March. Prices topped out at $5.02 a gallon on June 14, according to AAA. They declined slowly the rest of June, then began dropping more rapidly.
Falling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.
Oil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic. They rose again when the U.S. and allies announced sanctions against Russian oil over Russia's war against Ukraine.
Recently, however, oil prices have dropped on concern about slowing economic growth around the world. U.S. benchmark crude oil has recently dipped close to $90 a barrel from over $120 a barrel in June.
High prices also may be causing U.S. motorists to drive less. Gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.
A year ago, the nationwide average price was around $3.20 a gallon.
