Gas prices have dropped 12 cents from last week, reaching a national average of $4.42, according to AAA reports.
This decrease comes as crude oil prices have been falling this week, amid reports of peace talks with Iran, which could cause oil prices to spike again if a ceasefire deal isn't reached.
The recent fluctuations in gas prices are reflected in the chart below, showing how the national average has changed in recent weeks.
Gas prices remain the highest they've been in four years and will likely remain elevated as the busy summer driving season gets underway.
The Energy Information Administration reported that gasoline demand increased last week from 8.76 million b/d to 9.25 million, while total domestic gasoline supply decreased from 214.2 million barrels to 211.6 million.
Gasoline production also saw an increase last week, averaging 9.9 million barrels per day.
The current national average of $4.426 is lower than one week ago's average of $4.564, and even lower than the one month ago average of $4.176.
One year ago, gas prices were at a much lower level of $3.164, highlighting the significant increase in prices over the past few years.
The situation with Iran and its potential impact on oil prices is a concern that may affect the stability of the market.
The decline in gas prices may be short-lived due to the fragile ceasefire situation with Iran.
