A drop in the oil price sees the US national average gas price drop below $4, but there are other factors behind the fluctuations.
Below $4: Why gas prices are falling and where they’ll go
US consumers are breathing a bit easier now that gasoline prices have come down from record levels, but pump prices are still high, and the two-month slide could be nearing an end.
The nationwide average price for a gallon of gas dropped to $3.99 on Thursday, according to AAA. That’s down 20 per cent from the mid-June high, and it’s the first time the average has dipped below $4 since early March.
Gasoline prices usually rise and fall with the cost of oil, and crude has also been dropping. The US benchmark price is down nearly one-fourth since early June.
Other factors are also behind this year’s roller-coaster ride in energy prices.