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Gas prices dropping across DMV
From record highs two months ago to the national average dropping to around $4 per gallon, gas prices appear to be falling. FOX 5's Bob Barnard has more.
If you've been out on the roads lately, you may have noticed that gas prices are actually falling.
From record highs a few months ago to the national average of regular unleaded coming in at around $4 per gallon. The national average this time last year was $3.18 per gallon.
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The record high was back in June when the national average was $5.01 per gallon.
READ MORE: Gas prices fall below $4 a gallon at some DC area gas stations
Virginia and Maryland are currently below the national average with gas costing around $3.81 and $3.98 per gallon, respectively. D.C.'s average is sitting around $4.23 for a gallon of gas.
President Biden says the drop can be attributed to the release of oil from the nation's strategic reserves. Other oil-producing nations are also stepping up production.
Demand is also down as a result of the higher prices.
READ MORE: BP earnings triple to $8.5 billion as prices soared during Russia-Ukraine war
Economic experts say the pace of inflation should start moderating soon, beginning with gas prices going down.