Average Gas Price Falls Back Below $5 Per Gallon

• Regular gasoline in the United States fell to just under $4.99 on Saturday,
• In areas where gas is most expensive, such as the San Francisco Bay Area and Chicagoland, prices fell rapidly.
• Georgia has the lowest gas prices in the nation, averaging $4.48 per gallon.

According to AAA, the average price of a gallon of gas price regular gasoline in the United States fell to just under $4.99 on Saturday, marking the first weekly decline in nine weeks as oil prices have declined from multi-year highs.

A week ago, the average price of a gallon of gasoline in the United States surpassed $5 for the first time, peaking on Tuesday at around $5.02.

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Northeastern and Mid-Atlantic states saw the steepest declines in prices, with New Jersey and Maryland leading the way with average weekly declines of over 4 cents.

In areas where gas is most expensive, such as the San Francisco Bay Area and Chicagoland, prices fell rapidly.

The average price of a gallon of gas in San Francisco has decreased to $6.58 from $6.64 on Monday, while the average price in the Chicago metropolitan area has decreased from $5.87 to $5.87 over the past week.

Georgia has the lowest gas prices in the nation, averaging $4.48 per gallon, a slight increase from $4.47 per gallon one week ago.

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This week’s decision by the Federal Reserve to increase interest rates by 75 basis points in an effort to fight inflation shook the oil markets, with prices falling by more than 6 percent on Friday alone. Investors are concerned that rising interest rates could contribute to a recession, thereby reducing oil demand. After trading for more than $123 per barrel earlier in the week, the price of West Texas Intermediate settled below $110 per barrel.