A bus driver fills up at a gas station in Brooklyn on Aug. 11, 2022, in New York.
Gasoline prices are on the biggest streak of declines since 2015, a relief for both consumers and President Joe Biden, who has made fighting inflation a central theme ahead of November midterm elections.
As of Tuesday morning, U.S. pump prices were averaging $3.892 a gallon after reaching a record high of $5.016 a gallon in mid-June and have fallen for 70 straight days, according to auto club AAA. Prices haven't fallen that many days since January 2015.
The price drop is a welcome respite for consumers after fuel costs earlier this summer forced many to forgo driving vacations and change their lifestyles. Biden has staked much of his political capital to bringing down energy costs, ordering the release of millions of barrels of crude from the nation's strategic reserves and rallying other nations to do so.
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Prices have fallen along with those of crude oil, the major component to the cost of gasoline. A relatively slow summer of fuel consumption and wider recession fears contributed to the decline as did the release of as much as 1 million barrels per day of oil from U.S. emergency reserves. The release is planned to continue until October.
The decline is likely to continue as the driving season winds down. At current levels, pump prices are still 23% higher than the same time last year.
5 electric SUVs for almost any budget
Chevrolet Bolt EUV
The Bolt EUV is the crossover version of the Bolt EV hatchback. Thanks to a big price cut for the 2023 model year — and for 2022, via a bonus cash incentive — it will be the most affordable electric crossover SUV on the market. The Bolt EUV’s low price doesn’t mean it has a shorter driving range or cut-rate interior. The Bolt EUV has a solid EPA-estimated driving range, and it could likely drive farther as its hatchback counterpart did in Edmunds’ real-world range testing.
Inside, you’ll enjoy the Bolt EUV’s large touchscreen, digital instrument panel, impressive available tech like the Super Cruise hands-free driving assist system, and features including heated and ventilated front seats. It’s also roomy for passengers. Cargo room is lacking compared to rivals, however.
Starting price: $34,495, or $28,195 after Chevrolet’s bonus cash incentive
EPA-estimated driving range: 247 miles
Hyundai Ioniq 5
The Ioniq 5 is Hyundai’s latest electric SUV. It sports a cool retro-yet-futuristic-looking design and provides nearly as much passenger room as the Hyundai Tucson. The Ioniq 5′s larger battery pack offers a solid driving range, but it’s a little less than its competitor, the Mustang Mach-E Extended Range, has. However, the Ioniq 5 boasts the quickest potential charging speed on this list when using an appropriate DC fast charger.
Overall comfort is excellent, and the Ioniq 5 is easy to drive. It’s also as quick as a Tesla Model Y Long Range. Cargo space, though, is average and the front trunk is very small. Inside, you’ll find ample tech. The Ioniq 5 even has the ability to power small household appliances and electronics with its battery.
Starting price: $41,245
EPA-estimated driving range: 220-303 miles
Kia Niro EV
The Niro EV is another lower-priced electric SUV. It comes loaded with many standard features, including advanced driver aids such as a navigation-based adaptive cruise control system. It also provides plenty of real-world driving range; it went 285 miles on a full charge in Edmunds’ testing.
There’s a lot to like about the Niro EV besides its many features. It has quick acceleration and a smooth ride quality and offers plenty of space for passengers. Its styling is a bit conservative, though some might prefer that. However, the Niro’s interior doesn’t quite have the wow factor expected of a vehicle in this price range.
Starting price: $41,285
EPA-estimated driving range: 239 miles
Ford Mustang Mach-E
The Mustang Mach-E is one of Edmunds’ highest-rated electric SUVs. It’s about the size of an Escape and is offered in many variants from a base standard-range model to a high-performance GT. Driving ranges vary, but most are pretty impressive, especially when you consider that all the Mach-Es Edmunds tested surpassed their EPA estimates.
The Mach-E isn’t as visceral to drive as a true Mustang GT coupe, but it handles well and offers quick acceleration. However, if you were contemplating the GT trim, know that it only delivers peak power in 5-second increments. The Mach-E comes standard with many tech features, including a large 15.5-inch touchscreen and a suite of advanced driver aids.
Starting price: $44,995
EPA-estimated driving range: 224-314 miles
BMW iX
Hoping to get something that’s truly luxurious? While its front-end styling might be polarizing, the BMW iX will otherwise easily satisfy. The initial xDrive50 model for 2022 is impressively powerful, and a more powerful M60 is on the way for 2023. The iX has a long EPA-estimated driving range, and it easily beat that figure in Edmunds’ testing, going 377 miles.
The iX is about the size of an X5 but is more comfortable and engaging to drive. Its lavish interior looks like nothing else on the market and offers BMW’s latest iDrive operating system. It’s not as quick as a Tesla Model X, but it offers a more refined driving experience. The iX is Edmunds’ highest-ranked electric SUV currently.
Starting price: $84,195
EPA-estimated driving range: 305-324 miles