Gas prices in the U.S. are now lower than they were a year ago
CBSN
The average cost of gasoline in the U.S. has dropped below the price a year ago, the first time that has occurred in 22 months.
The average price for regular gas stood at $3.33 a gallon on December 8, compared with an average of $3.34 on the same date in 2021, AAA said Thursday. The last time gas dipped below its year-earlier price was on Feb. 4, 2021, when drivers were paying $2.44 a gallon, compared with $2.46 a gallon on the same date in 2020, AAA told CBS News.
Fuel prices have plunged over the last several weeks amid slowing consumer demand across the globe, providing some relief to Americans walloped this year by the highest inflation in four decades. Price hikes for other consumer staples are also easing, from cars to some food products, which could signal that the Federal Reserve's efforts to tame inflation are bearing fruit.
