US gasoline price falls below $4 per gallon for first time since March

The average retail gasoline price in the US fell below $4 per gallon this week for the first time since March, providing relief to drivers in the United States.

The average price for regular unleaded gas fell to $3.99 per gallon, according to the American Automobile Association.

In June, prices hit a new record $5.02 and resulted in drivers purchasing less fuel in July than during the COVID-19 epidemic in July 2020.

The upcoming November midterm elections could help Democrats in Congress with the latest price drop.

This year, the U.S. oil output increased by 500,000 barrels per day bpd to 12.2 million barrels per day, while the White House released more than 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve.

The recent week showed August's demand rising from July, which could signal that a recent decline in prices would stimulate demand, according to analysts.

For the four weeks ending July 29th, gasoline supplied was 8.59 million barrels per day, compared to 8.72 million barrels per day in July 2020.

Consumers were cautioned despite lower prices, despite the lower prices recently interviewed.

Postal Service worker who was filling up his tank in Atlanta this week said they are coming down but not near enough. It's still running me $50- $60 to fill up, even though the prices are down. It used to be $30, as quoted by Reuters.