The national average for a gallon of regular gas has dropped every single day since soaring to a record high of $5.02 a gallon on June 14, according to AAA
.This 70-day streak of falling prices at the pump is the second longest on record going back to 2005, Bespoke Investment Group noted in a report titled"The Great American Summer of Falling Gas Prices."The national average for regular gas dipped on Tuesday to $3.89 a gallon, down from $4.38 a month ago. Although prices are 73 cents higher than a year ago, the recent drop is significant, especially given the inflation alarm bells set off by the surge above $5 just two months ago.
On the supply side, the Biden administration's unprecedented release of emergency oil from the national stockpile helped take pressure off energy prices. At the peak in mid-June, the national average for regular gas was up by a staggering 50% on the year. But following the summer plunge, gas prices are now up less than 19% on the year. That is just one percentage point more than the average year-to-date change for all years since 2005, according to Bespoke.
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