U.S. gas prices fall below $4

It’s the first time prices have been that low since March
Gas dipped just below $4 at many gas stations in Colorado Springs in the first week of August.
U.S. gas prices fall below $4 for the first time since March.(KKTV)
Published: Aug. 9, 2022 at 8:36 AM CDT
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MADISON, Wis. (WMTV) - Gas prices nationwide – as well as in Madison – continue falling and have now sunk below the $4 per gallon mark in the U.S., according to the latest GasBuddy figures. It’s the first time the company has reported a price that low (albeit, it’s still $3.99) since March.

On Monday, the continuing decline in the cost of filling the tank entered its eighth straight week, according to GasBuddy’s figures, and was sitting right on the cusp of falling into the $3 range. At the time, its forecasters predicted it would fall below four dollars sometime this week, a projection that came true a day later.

In mid-June, American drivers were spending more than $5 per gallon, while in some parts of California, they were shelling out a whopping $7. GasBuddy estimates the steady decline means drivers across the country are now paying $400 million less each day than they were a month ago, which was still midway through this run of cheaper gas.

“While the recent drop in gas prices has been most welcomed, the issues that led to skyrocketing prices aren’t completely put to bed, and still could lead prices to eventually climb back up, should something unexpected develop,” GasBuddy’s head of petroleum analysis Patrick de Haan cautioned.

He explained that several once-in-a-lifetime events, including the continuing COVID-19 pandemic and Russia’s invasion of Ukraine, have driven the wild ride of prices this year. Less than two-thirds of the way through 2022, U.S. prices have already swung from $3 to $5 and now back below $4 per gallon.

Madison drivers are paying around $3.58 per gallon, GasBuddy reported on Monday, after prices in the Wisconsin capital dipped nearly 20 cents further in the previous week. The company found at least one station was charging $3.58 per gallon. At the other end of the spectrum, another Madison station was charging $3.99, which is now in line with the national average.

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