By Matt Egan | CNN Business
The great gasoline spike of 2022 has completely unwound, giving consumers a major boost after a year of high inflation.
The national average for regular gasoline dropped to $3.14 a gallon on Monday, according to AAA. Gas prices haven’t been this low since July 2021.
After moving steadily higher last year, pump prices spiked early in 2022 following Russia’s invasion of Ukraine. The national average topped out at an all-time record of $5.02 a gallon in June.
But prices have since cooled off and the decline has accelerated in recent weeks. The national average for regular gas has tumbled 12 cents in the past