Gas prices are now cheaper than before Russia invaded Ukraine
Why it matters: It is the first time since February that gas prices cost less than $3.50 per gallon, a significant decrease from record prices in the summer.
Driving the news: A gallon of regular gas costs about $3.47 nationally on average, according to AAA. That's below the $3.54 average on Feb. 24, 2022 — the day before Russia's invasion began and gas prices soared to record highs.
- Prices at the pump have dropped 12 cents since last week and 29 cents over the last month, per AAA.
Flashback: In June, the average cost for a gallon eclipsed the $5 mark for the first time.
- Since reaching their peak that month, gas prices have dropped monthly, Axios' Matt Phillips writes.
What's next: It's possible that prices could dip below $3 by Christmas, according to GasBuddy, which tracks cheap gas prices.
- Such a fall "would be a huge gift to unwrap for motorists after a dizzying year at the pump," said Patrick De Haan, head of petroleum analysis at GasBuddy, in a statement.