U.S. gasoline prices are now cheaper than they were one year ago, providing relief to Americans that have spent 2022 grappling with the worst inflation in decades.
The average price per gallon is $3.32, which is less than it was a year ago at $3.34.
Gas prices peaked just above $5 a gallon in June, hitting a record high. Since then, they've fallen sharply as an economic slowdown and concerns about a global recession have helped ease demand for oil around the world.
Average U.S. prices have dropped by 14 cents over the past week and 47 cents over the past month.
Gas prices have been one of the most visible signs of inflation this year. But, oil prices have been driven lower due to a decline in worldwide energy demand. The U.S. Consumer Price Index in October registered its lowest annual reading since January. Data for November arrives next week.
The average price for gas in the Tri-state remains well above the national average, but Connecticut's gas prices are lower than they were a year ago.
In New York, the average price for gas is $3.65, in New Jersey, the average price is $3.51. In Connecticut, the average price is $3.45.
Russia's war in Ukraine also continues to hang over the energy market, as does President Vladimir Putin's response to Europe's oil embargo and the new price cap. If Russia slashes production, a move that could reduce supply by more than a million barrels per day, that could also lift prices.
Plus, demand from China could rebound faster than expected as the country lifts coronavirus restrictions. Concerns about the economic impact of those restrictions have been a key reason oil prices have dropped in recent months.
Information from CNN was used in this article.