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US gas prices fall below $4 for the first time in 5 months

US gas prices fall below $4 for the first time in 5 months

Gasoline prices fell below $4 for the first time in more than five months in the United States, good news for consumers struggling with high prices for many other essentials.

The AP reports that the national average for a gallon of regular was $3.99 on Thursday. Falling prices for gasoline, airline tickets and clothing are giving consumers some relief, although inflation is high.

Oil prices began to rise in mid-2020 as economies recovered from the initial shock of the pandemic. They rose again when the US and allies announced sanctions against Russian oil for Russia's war against Ukraine.

Recently, however, oil prices have fallen due to concern about slowing economic growth around the world. U.S. benchmark crude has recently dipped to near $90 a barrel from over $120 a barrel in June.

Republicans blame President Joe Biden for high gasoline prices, seizing on his decisions to cancel a permit for a major pipeline and suspend new oil and gas leases on federal lands.

Biden said over the weekend that a two-car family is saving $100 a month because prices have fallen from their peak in mid-June.

Biden has also sparred with oil companies, accusing them of not producing as much oil and gasoline as they could while making huge profits.

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