For the first time in seven weeks, gasoline prices in the U.S. are down

The cost of gasoline at gas stations in the U.S. began to decline, dropping to the level of $4.16 per gallon, according to data from the nonprofit American Automobile Association, which tracks rates at more than 60,000 gas stations in the country.

The last record high fuel price was June 14, when a gallon of Regular gasoline rose to $5.02. Since then, gasoline prices were down $0.86 to $4.163 a gallon by Wednesday morning, Aug. 3.

Still, gasoline prices are a dollar higher per gallon than a year ago, causing many motorists to make fewer trips. “We know that most U.S. drivers have made significant changes to their driving habits to adjust to high gasoline prices. But with gasoline prices below $4 a gallon at half of the nation’s gas stations, it’s possible that demand for fuel will increase,” the association’s Web site quoted its spokesman Andrew Gross as saying.

The highest gasoline prices nationwide have traditionally remained in the state of California, where motorists will have to pay an average of $5.564 per gallon.

The U.S. commercial oil inventories increased by 4.47 million barrels over the week to 426.553 million barrels as of July 29. Against this backdrop, the September WTI crude futures price is down $1.91 (2.11%) to $92.51 a barrel.