The price for a regular gallon of gas stood at $3.99 on Thursday, according to AAA. That's more than a dollar below the record $5.02 consumers paid in June, unadjusted for inflation. Part of the recent decline is thanks to high prices keeping consumers off the road.

Energy prices fell 4.6% compared to June's levels, the Bureau of Labor Statistics says. Gasoline prices fell 7.7%. Still, the national average is 81 cents per gallon above last year's levels. Some states have temporarily suspended their gas tax in an effort to partially shield residents.

Refining capacity in the U.S. remains extremely tight. Should a storm knock one of the Gulf Coast refiners offline, for example, prices at the pump could move higher. Bob Yawger, director of energy futures at Mizuho, believes the recovery could be brief.

U.S. oil futures are trading around where they were before Russia invaded Ukraine. In recent weeks, recession fears – and a possible slowdown in demand – have sent prices tumbling. "I think it's going to be fleeting," John Kilduff, partner at Again Capital, said of the declines.

gasoline futures, which are a proxy for gas prices, are roughly 30 cents per gallon above their recent low. CNBC's Patti Domm contributed to this report. For more, go to and follow us on Twitter @CNBCGasoline.
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