Dec 1, 2022 - Economy

Gas prices are now cheaper than before Russia invaded Ukraine

gas pump

A nozzle pumps gas into a vehicle at a gas station on Oct. 5, 2022. Photo: FREDERIC J. BROWN/AFP via Getty Images

The average cost for a gallon of gas in the U.S. has dropped below the price it was before Russia invaded Ukraine earlier this year, according to AAA.

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.

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.
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