The national average price of gas was $4.01 in mid-August, according to AAA. Though still higher than a year ago, it’s well below the record of nearly $5.02 in mid-June. The drop reflects a number of factors: Weaker demand because high costs kept some drivers home; a decline in global oil prices in recent months; and a handful of states suspending taxes on gasoline. The Biden administration has been orchestrating a campaign to lower gas prices and criticizing energy companies for profiting at the expense of American consumers.

Source: The New York Times