Gas prices are finally coming down, but how far?

Gasoline prices are displayed at an Exxon gas station on July 29, 2022 in Houston, Texas. (Photo by Brandon Bell/Getty Images)

Gasoline prices in the United States have fallen for the 50th day in a row, the highest rate in more than a decade, according to the American Automobile Association.

The national average price of gasoline currently sits at $4.13 per gallon, with eight states seeing prices drop below $4 per gallon.

In June, gasoline prices had peaked at $5.02 a gallon.

Currently, the average price of a gallon of gasoline in New York is $4.48 and $4.35 in New Jersey. In Connecticut, the average price has fallen to $4.31.

The cheapest gas in the country can be found in Texas, where a gallon of regular gas currently costs $3.69 on average.

“Consumers appear to be taking the pressure off their wallets by fueling less,” said Andrew Gross, a spokesman for AAA. “And there are reasons to be cautiously optimistic that pump prices will continue to fall, particularly if the world oil price doesn’t take off. But the overall situation remains very volatile.”

President Joe Biden tweeted earlier this week that the current drop in gasoline prices is the fastest the nation has seen in more than a decade.

Yet Biden critics were quick to point out that gasoline is still almost $2 a gallon more expensive than it was when Biden took office.

That said, gasoline prices could continue to fall in the future.

“If gas demand remains low as inventories build, coupled with a continued decline in crude prices, drivers are likely to continue to see pump prices fall,” AAA said.

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