U.S. gasoline prices have now declined for 30 days in a row, a trend that will provide some relief to consumers living through the worst period of inflation in 40 years.
The average U.S. price of regular unleaded fuel dropped to $4.61 a gallon, according to AAA data published Thursday. That compares with the $5.02 average seen a month ago.
But prices remain unevenly distributed across the country, and are still well above the $3.15 per gallon average seen last July.
Gasoline prices are falling alongside the price of oil. The benchmark Brent crude has dipped about $23 per barrel over the past month due, in part, to fears of a global economic slowdown, experts say. Notably, global oil production has improved, the International Energy Agency said this week, helping put downward pressure on prices.
Patrick De Haan, head of petroleum analysis at the gas price tracking website GasBuddy.com, said prices are likely to fall further.
"Barring any unexpected refinery issues, hurricanes, and geopolitical changes, we could see the national average fall under $4 per gallon by mid-August," he said in an email.
The lowest U.S. prices can be found in the Southeast, AAA data show, while prices in some mountain states, the West Coast and Illinois — which has higher gas taxes — remain above $5 a gallon.
Across the U.S., the average price of premium gasoline remains at $5.35 per gallon, AAA data show.
President Joe Biden will visit Saudi Arabia this weekend, where he is expected to discuss increasing oil production in the region.
