Gasoline prices, which hit a record high earlier this summer, have fallen in recent weeks. Where do prices go from here?
A gas pump is seen at a gas station in Houston on June 9. Gas prices have dropped below $4 a gallon in parts of the country, although the national average remains above that level. Gasoline prices, which hit a record high earlier this summer, have fallen sharply in recent weeks. They are now below $4 a gallon in parts of the country, even as the national average remains above that level.According to the American Automobile Association, the average price of gasoline nationwide was $4.
“I filled up yesterday and it was $3.35. So yeah, I was excited about that,” says Linda McDaniel, who drives 60 miles every day to her job in San Antonio. “Because I have such a commute, I drive a Honda Civic, which gets pretty good gas mileage. But with those bigger prices, it was really costing a significant amount more to fill up my tank.”When pump prices topped $5 a gallon, drivers adjusted their behavior, trying to limit how much they drove.
McDaniel, for example, rents a couple of storage units and says the rent has increased by $100 a month. She’s also concerned about her utility bill, since her air conditioner has been working overtime in the Texas heat. So far, consumers have seen little break in the cost of groceries or housing, both of which account for a larger share of the typical family budget than gasoline.“Yes, it is welcome relief,” McDaniel says of gas prices. “But I mean, you can definitely see [inflation] in just about everything. Like in our soda machine, the price went up 25 cents overnight. Just every little thing you notice goes up. Even a pack of gum went up 20 cents.
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