the average price for a gallon of gasoline has fallen below 4 according to a leading tracker of prices aaa reported that the current national average for regular gasoline has fallen to 399 that’s well below the peak of 502 in midjune though still up considerably from the 319 average one year ago the energy information administration’s tracker hasn’t seen regular gas prices below 4 since late february gas prices range dramatically by state with california prices averaging 538 per gallon while texas prices are just 349 the white house has taken some credit for gas prices dropping after releasing oil from the strategic petroleum reserve the treasury department in late july estimated the spr release lowered prices anywhere from 17 cents to 42 cents per gallon the drop more broadly tracks a big decline in crudeoil prices cl1 brn00 amid worries the global economy will deteriorate as the federal reserve and other central banks lift interest rates to fight inflation the international energy agency also reported last month that us and canadian producers were boosting output and the sanctions on russia’s oil industry were having less impact than expected