After nearly a year of elevated gas prices, Americans struggling at the pump may finally see a reprieve.

Gas prices have fallen roughly $1.50 since their record peak in June, officially dropping below levels seen prior to Russia’s invasion of Ukraine in February, the White House touted in a release Tuesday.

What You Need To Know

  • According to AAA, the average price for a regular gallon of gas is $3.52

  • Gas prices have fallen roughly $1.50 since their record peak in June, officially dropping below levels seen prior to Russia’s invasion of Ukraine in February

  • Twenty-eight states are seeing prices at their lowest since before Feb. 24, 2021, when Russia’s invasion began, including Florida, Kentucky, Missouri, New York, North Carolina, Texas and Wisconsin, according to Gasbuddy

  • All told, the White House says, prices have dropped 20% over the last 24 weeks, with the most common price at gas stations nationwide at $2.99 per gallon

According to AAA, the average price for a regular gallon of gas is $3.52, down 24 cents from last month, but slightly higher than the average price one year ago. 

All told, the White House says, prices have dropped 20% over the last 24 weeks, with the most common price at gas stations nationwide at $2.99 per gallon. Roughly 30,000 stations nationwide are selling gas at below $3 per gallon, officials said.

Russia's invasion of Ukraine, which began in late February, disrupted the global energy supply and has impacted markets worldwide.

Twenty-eight states are seeing prices at their lowest since before Feb. 24, when Russia’s invasion began, including Florida, Kentucky, Missouri, New York, North Carolina, Texas and Wisconsin, according to Gasbuddy; Twenty-two states are still seeing prices above where they were on Feb. 24, including California, Hawaii, Massachusetts and Ohio.

Analysts at GasBuddy predict that the average price of gas could reach $2.99 by Christmas.

At a briefing on Monday, White House press secretary Karine Jean-Pierre touted the administration’s actions to address gas prices — including releases from the nation’s strategic petroleum reserve and calling on international partners to do the same — and said that American families with two cars are saving roughly $160 per month on average.

“This is important breathing room for American families and meets a key commitment that the president made to them,” Jean-Pierre said, before pledging that the Biden administration will continue to take action to lower prices at the pump.

“The president’s actions have helped bring prices down for families, and he will continue to do everything possible to bring prices down even further,” she added.