Average cost of gas drops to less than $4 per gallon for first time since July
AAA says lower crude costs and seasonal demand pushed gasoline under $4 a gallon for the first time since July.
- On Tuesday, the national average for regular gasoline dipped to $3.978 per gallon, marking the first time prices fell below $4 since mid-July, according to the American Automobile Association.
- Lower seasonal demand and a switch to cheaper winter-blend gasoline contributed to the decline, while crude prices tumbled amid hopes for a faster resolution to the conflict with Iran.
- GasBuddy lead petroleum analyst Patrick De Haan clarified that seasonal trends, not the midterm elections, drove the decrease, noting prices have fallen in the 30 days leading up to elections almost every year since 2006.
- Elevated diesel prices at $6.1572 per gallon are pushing higher freight costs onto consumers, according to economist Mike Reid of RBC Capital Markets, as diesel has fallen more slowly than gasoline.
- The national average could reach $3.75 by Thanksgiving provided no geopolitical "wild cards" emerge, De Haan said, though prices remain about 19% above seasonal averages due to ongoing supply disruptions.
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Morning Business Report: Gas prices fall below $4 as Americans face rising debt and holiday shopping scams
(LILAMAX)- The national average price for regular gasoline has fallen below $4 a gallon for the first time since July, offering some relief to drivers as Americans continue facing financial pressures. According to AAA, the average price dropped to $3.98 per gallon November 10, down approximately 17 cents from the previous week and 39 cents from a month earlier. Lower...
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Gas prices dip below $4 nationwide for the first time since July—but the relief may be fragile
The U.S. national average for regular gasoline fell below $4 a gallon for the first time since July, but geopolitical tensions and regional price gaps remain significant risks.
National Average Gas Price Falls Below $4 a Gallon for First Time Since July
The national average price of regular gasoline fell below $4 a gallon on Tuesday, Nov. 10, for the first time since July, according to American Automobile Association (AAA) data. GasBuddy separately reported its national average just under $3.97 [1][2]. The move below the $4 threshold ends a 114-day stretch at or above that level, according to industry tracking [3]. AAA's Oregon/Idaho division said the average was last below $4 on July 19, when …
The average price of gasoline in the United States fell this Tuesday to $3.98 per gallon, a figure that has not been recorded since July and that represents a relief for drivers a few weeks away from Thanksgiving celebrations, one of the most mobile road seasons in the country.
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