Dec 1, 2022 - Economy

Gas prices are now cheaper than before Russia invaded Ukraine

Herb Scribner

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.

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.

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Gas prices are now cheaper than before Russia invaded Ukraine

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