U.S. gasoline prices below $4 per gallon for first time in 5 months

U.S. gasoline prices on Thursday retreated below $4 per gallon (3.785 liters) for the first time in more than five months, as consumer demand remains weak due to high inflation and recession fears.

The national average stood at $3.990 per gallon for regular gasoline, down 3.6% from $4.139 a week ago and 14.7% from $4.678 a month ago, according to the figures from the American Automobile Association (AAA).

The latest price, which is the lowest since March 5, is a 20.4% decline from the record high of $5.016 per gallon.

On Thursday, the highest price was recorded in the state of Hawaii at $5.390, followed by California with $5.384 and Alaska at $4.948.

American crude oil benchmark West Texas Intermediate (WTI) was trading at $92.53 per barrel on Thursday at 7.36 a.m. EDT (1136GMT) -- down 17% from $111.37 on March 5.

Despite the massive price decline in gasoline, American consumers are still driving their vehicles less this summer season, which is a period when driving usually reaches its peak level every year.

"It's another sign that, for now, Americans are changing their driving habits to cope with higher pump prices," AAA said in a statement on Monday, adding that the cost of crude oil is falling amid fears of an economic slowdown around the world.

A survey from the association shows that 64% of Americans have changed their driving habits since March when the price of WTI climbed above $116 per barrel-its highest in 14 years.