While gas prices are still 73 cents above what they were a year ago, prices have continually fallen for the last 72 days, the second longest such streak since 2005.
On June 14, gas prices hit their all-time high, with the average price hitting $5.02 a gallon, according to AAA. Since that day, they have continued to fall.
The only longer streak since 2005 was 117 days and ended in January 2015, according to a report from CNN.
On Thursday, the national average for a gallon of gas hit $3.87 a gallon, down from $4.35 where it was a month ago and down 6 cents from last week.
The recent price drops are significant and another sign of cooling inflation, but it isn’t cooling as quickly as most would like, with prices for other necessities like food remaining high.
But when it comes to the drop in gas prices over the summer, several factors have played a factor in the decline.
After national averages surpassed the $5 mark for the first time, many drivers decided to look elsewhere for modes of transportation, creating a drop in demand that has played a part in balancing the market.
Fears surrounding a possible recession in the U.S. paired with worries over China’s economy also caused prices to drop, CNN reported.
Other actions included President Biden’s administration releasing oil from the national stockpile, which also reduced the pressure on energy prices.
But, prices could rise again, with crude oil jumping 3% on Tuesday to above $93 a barrel.
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