Gas Prices in America

On Thursday, US gas prices fell less than $4 per gallon, which is the lowest price since March.

With the cost of everything from food to rent soaring, a reduction in gas prices is a big relief for the American people.

Gas Prices- American people

Gas Prices- AAA

According to the American Automobile Association, the national median cost of a gallon of regular gasoline is now $3.99.

In June, gasoline prices hit an all-time high of $5.02 as Americans fueled up their vehicles for the summer tourist period.

Gas Prices- Americans

Gas Prices- Ukraine

An increase in the international fuel prices also pushed prices higher as the West rejected Russian crude following the Russian attack on Ukraine.

Lower energy costs are also positive signs for policymakers struggling to control an increase in price, as energy prices affect overall inflation rates.

Gas Prices- Policymaker

Gas Prices- Barrel

American crude oil price also fell from a top of more than $120 a barrel in June to about $92 a barrel on Thursday as the international supply crisis eased.

According to a Thursday report, IEA updated its outlook for universal oil supplies. This is partly because Russia's oil production continues to beat expectations.

Gas Prices- Thursday

Russian Oil Production Cpacity

From July, Russia's oil production was just 310,000 BPD below pre-war levels, while total oil exports fell just 580,000 BPD.