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Why have gas prices slowed down according to experts?
Record-breaking inflation pushed the average price of a gallon of regular unleaded to $5.02 in June, marking the first time that the average figure exceeded the $5-mark. But this week the average price of a gallon of gasoline in the United States has fallen to $3.18, more than ten cents less than the price recorded at the same point last year.
This suggests that, in terms of gas prices, the US has managed to undo the rapid price rises seen during 2022, something that President Biden celebrated on Tuesday at the White House:
“Most Americans can see the progress driving down the street, finding relief at the pump as gas prices fall,” Biden said.
So what is causing this fall in prices, and will it continue?
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