There is a real possibility that gas prices at the end of 2022 will be lower than at the start of the year.
According to AAA, gas prices are now cheaper than this day a year ago. On Thursday, the average price of a gallon of regular gas was $3.33, down 1 cent from this time a year ago.
Gas prices have fallen considerably after reaching a peak in June of over $5 a gallon.
The last month has featured a dramatic fall in gas prices. This time a month ago, a gallon of regular gas cost $3.80.
Many southern states now have gas averaging below $3 a gallon, while Hawaii is the only state to average above $5 a gallon.
The cuts have come despite a drop in supply from OPEC+ nations.
While regular gas prices have come back down to earth, diesel costs remain high. According to AAA, the average gallon of diesels in the U.S. now costs $5, up from $3.61 a year ago.