Gas prices now cheaper than one year ago

(CNN) - Gas prices soared to record levels in 2022, but after all that pain at the pump, fuel is now cheaper than it was a year ago.

According to AAA, the average cost of regular unleaded in the U.S. is now $3.33 a gallon.

This time last year, it was $3.34 a gallon.

The all-time record high came in June, with gas hitting just over $5 a gallon.

Since then, a slowing economy and recession fears have helped pushed down demand, resulting in a sharp drop in prices.

Average prices in the U.S. dropped by 14 cents in the past week and 47 cents in the past month.

Certain factors could push prices back up, including the war in Ukraine and Vladimir Putin’s potential response to Europe’s oil embargo and new price cap.

Also, OPEC could slash production again, and demand from China could rebound faster than expected.

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