Gasoline prices have fallen by more than $1 since peaking in June. As of Friday morning, Arizonans are seeing an average cost of $4.01 per gallon of regular unleaded.

The record high was about $5.39 per gallon.

John Treanor is a spokesperson with AAA.

"The declining prices continued because of the declining demand for gas. Since those historic highs early in the summer, around June, we have seen fewer Americans filling up gas tanks and that has caused prices to continue to drop." Treanor said.

While it looks like the trend will continue, Treanor cautioned that hurricane activity near the end of the summer can cause a spike in demand.