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Gas prices fell below $4 for the first time since March

According to AAA datathe national average price of a gallon of gasoline fell below $4 on Thursday for the first time since early March. This milestone was reached after price declines at the pump lasted more than his 55 days.

According to data provided by AAA, the national average price for a gallon of gasoline is $3.99,down more than 20% after peaking at $5.01 in mid-June. To ABC News.

In California, which has the highest average price, a gallon of gasoline costs him $5.38, but he has fallen more than 11% in the past month. According to AAA data, Texas, the state with the lowest average gas price, is $3.49 per gallon.

Despite recent price drops, the cost of gas remains high, about 25% above the national average of $3.18 a year ago, according to AAA data.

Summer's sky-high prices stemmed from a travel boom that has brought more people to the pump, an expert said in late May, according to ABC News..

This surge in demand coincided with a period of oil supply shortages during the Russian invasion of Ukraine, prompting a broad industrial exit from Russia and pushing millions of barrels of oil off the market. said the expert.

PHOTO: Gas prices are displayed at an Exxon gas station on July 29, 2022 in Houston.

Gas prices at Exxon gas stations in Houston on July 29, 2022 It shows.

Brandon Bell/Getty Images

Downgrading has become a key policy priority for President Joe Biden. During a visit to Saudi Arabia last month,Biden urged major oil producers to increase production as a means of easing global supply shortages.

The Saudi-led group of oil producers, the Organization of the Petroleum Exporting Countries (OPEC), along with and allies, announced last week that they would gradually increase production next month. But the move fell short of the significant hikes the Biden administration was seeking.

In March,the United States and its allies announced the collective release of 60 million barrels of her oil from strategic stockpiles over the next few months. Prices will rise.

Falling gas prices are good news for federal policy makers who are looking to lower prices across theeconomy while avoiding arecession.

Milestones in gas price declines coincide with slowing price increases across commodities.

According to the Bureau of Labor Statistics, 's consumer price index (CPI) rose 8.5% over the past year as of July, up from 9.1% inJune. decreased.

The fall in the national average price of gasoline, which forms an important part of the consumer price index, has contributed in part to the slowdown in inflation.