Gas prices below $4 per gallon for first time since March

The national average price for a gallon of regular gasoline was $3.97.

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Gas prices have dropped below $4 a gallon on average across the nation for the first time since early March as lower crude oil prices helped offset an increase in demand, analysts said.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $4.20, down 13 cents from last week. Drivers were paying $3.20 a gallon on average a year ago at this time.

NEW YORK, NEW YORK – AUGUST 11: A person passes a gas station with prices displayed in the Brooklyn borough on August 11, 2022 in New York City. While fuel prices are still historically high, they have fallen below four dollars a gallon in some regions of the country, bringing inflation relief to millions of Americans who depend on their cars for work and other activities. (Photo by Spencer Platt/Getty Images)

The national average price for a gallon of regular gasoline was $3.97, down another 14 cents from last week — and falling below $4 for the first time since March 5. Drivers were paying $3.18 a gallon on average a year ago at this time.

Tracy Noble, spokesperson for AAA Mid-Atlantic, says analysts are “cautiously optimistic” that pump prices will continue to fall — particularly if there is no spike in the global price of crude oil — but cautions that the situation remains “very volatile.”

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