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| Hello, Daily Money readers. Jayme Deerwester back with you on this Thursday. |
| Months after gas prices reached all-time highs, drivers are feeling relief at the pump with the national average under $4 per gallon for the first time in five months. |
| The average cost of a gallon of regular gasoline in the U.S. is $3.99, according to AAA. While still more than what prices were at last year at $3.18, it's a major drop from when prices peaked at $5.01 in mid-June. |
| "It's sort of like as a very simple roller coaster ride because we went up, and now we're coming down," Andrew Gross, AAA spokesperson tells USA TODAY. "When things kind of go up really fast, they also tend to kind of fall really fast." |
Why gas prices are going down |
| Gross says three things have factored into falling prices: the cost of oil, there is less demand for gas and "a pretty good little band aid" in of the Biden Administration releasing oil from the strategic petroleum reserve. |
| The biggest factor for the cost of gas is oil prices, Gross added. U.S. crude oil hit $93.18 a barrel, while the international standard Brent crude costs $103.81 as of Wednesday, according to the U.S. Energy Information Administration, both of which have dropped at least 20 cents a barrel since July Fourth weekend. |
| However, Gross says what could really "overturn the applecart" is the upcoming hurricane season. |
| "Hurricanes inevitably go right through the place where there's oil production and refining. That's where you don't want them to go, but they're like, magnets, they could roll right in there," he said. "We just can't make those predictions." |
More stories you shouldn't miss |
| What we're paying more for: Sports tickets, eggs, coffee among biggest price hikes. |
| Thinking about a Labor Day getaway? Here's how much to budget for a family trip. |
| Want to buy a 'fixer-upper' home? Try Milwaukee, Philadelphia, Detroit or Memphis. |
| Forget the fine china: More couples are asking for travel funds on wedding registries. |
| Happy Planner x Walmart: Shop the new collection of agendas, planners. |
🎧 Mood music 🎧 |
| Today, I'm going with Danielle Dax's cover of the trippy Beatles classic "Tomorrow Never Knows." Because uncertainty is scary but slightly less so when it has a good beat. |
| "Play the game 'Existence' to the end of the beginning, of the beginning." |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. It even comes with its own Spotify playlist . It features nearly every song quoted here. |
| Follow Jayme Deerwester on Twitter – or Instagram, if you prefer puppy pictures. (Why? Because everybody loves puppies!) |
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