The average cost of a gallon of gas dipped beneath $3.70 after peaking at $4.114 on July 14th, according to the Automobile Association of America (AAA). The average is determined by a random sampling of gas prices paid for by credit cards at stations around the nation. The current price of $3.688 a gallon was reached as the price of crude oil experienced its largest drop––down $6.59 a barrel––in 17 years.
Oil prices have retreated over the summer due to a drop in consumer demand and a stronger dollar. Many families in the U.S. curtailed the use of cars and opted out of summer road trips in favor of "staycations" at home.
Gas is no longer above $4 a gallon anywhere in the contiguous 48 states, unlike in Alaska or Hawaii. The most expensive gas in the nation is in Alaska, where the average price is $4.41 a gallon. The cheapest gas in the States is found in St. Louis, MO, where the average price at the pump is $3.44 a gallon.