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Average gas prices near $4 after 50-day decline

The national average reached $4.16 on Wednesday, falling 86 cents from the record $5.02 in mid-June, according to AAA.

WASHINGTON — Average gas prices are nearing $4 after a steady 50-day decline, giving some relief to consumers at the pump. 

The national average reached $4.16 on Wednesday, falling 86 cents from the record $5.02 in mid-June, according to AAA. 

Nationwide, the highest average price for regular-grade gas was in California with $5.56 per gallon at the pump. The lowest average was in Texas with $3.66 per gallon.

In the last month, there's been a 65 cent decrease in the national average. Despite the downward trend, the national average is still up 98 cents from last year's average.

"More than half of all gas stations across the United States now offer gas for less than $4 a gallon," President Biden tweeted on Wednesday. 

Nineteen states have gas price averages below $4, including Florida, Texas and New Mexico, according to AAA.

On Tuesday, Biden tweeted that the current drop in gas prices continues to be "the fastest decline in over a decade."

After a steady 50-day decline, the question on how long this downward trend will last remains. An increased demand for gas could slow the trend of declining gas prices.

“We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” said Andrew Gross, AAA spokesperson in a press release Monday. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”

According to a AAA survey, almost two-thirds of drivers of U.S adults changed their driving habits since March. The top three changes were driving less, combining errands and reducing shopping or dining out. 

Aside from increased gas prices, consumers are also fighting a 40-year high record inflation.

RELATED: Nine ways to recession-proof your life as prices soar

RELATED: AAA survey shows that drivers are changing spending habits due to increase in gas prices

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