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5 things to know on Thursday

US gas prices fell below $4 per gallon for the first time in five months

US drivers are feeling relief at the pump, with the national average falling below $4 per gallon on Thursday for the first time since March, months after gas prices hit all-time highs. According to AAA, the average cost of a gallon of regular gasoline is $3.99. While prices are still high from last year’s high of $3.18, this is a significant drop since prices peaked at $5.01 on June 14. Average national gas prices have fallen at least one percent each day for 38 straight days from that peak. . AAA spokesman Andrew Gross told USA Today that three things contributed to the price drop: the price of oil, lower demand for gas and a “nice little Band-Aid” released by the Biden administration from the Strategic Petroleum Reserve. There is no clear answer as to whether prices will continue to fall as several factors are at play, such as oil prices, demand, Russia’s invasion of Ukraine, inflation and recession fears.

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