For the first time since March, the national average price of a Gallon of unleaded gasoline in the U.S. fell to slightly under $4 on Wednesday. Although the national average of $3.99 per Gallon is significantly lower than its peak of $5.02 per Gallon, which consumers saw in June, the reduction is due to record-high inflation that has severely weakened passengers’ motivation to go.
Consumers have chosen to stay at home in response to the growing expenses of travelling and doing. We are beginning to notice that widespread inflation has actually made consumers weaker. Therefore, you have a consumer who is not making significant travel plans. They haven’t returned entirely to the workplace.
At least 20 states reported gas prices below that mark on Wednesday afternoon, according to OPIS, a pricing and analysis firm. The national average for petrol prices was reported to be $3.99 per Gallon. According to AAA.com, petrol prices in Texas, Oklahoma, Kansas, Arkansas, Tennessee, Kentucky, Alabama, Georgia, and South Carolina are as low as $3.49 a Gallon. According to OPIS data, gas prices in the United States reached an all-time high in June.
Demand began to fall almost immediately after the price reached a record high. According to a AAA poll conducted in July, more drivers were reducing their driving as a result of the high gas costs. As much more driving as I can, I’m trying to limit, a motorist from Oklahoma told the Wall Street Journal. If I could work from home one day a week, I would do it simply to save money on petrol, the driver said. Another Los Angeles-based motorist said, “It’s still too expensive.” “If you told me the 20-foot ceiling was suddenly 15 feet, that would be absurd. It’s still out of my reach.”