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Average cost of gas drops to less than $4 per gallon for first time since July
AAA said the average fell 17 cents in a week as falling crude prices and cheaper winter-blend fuel eased pump costs.
- 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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Bay News 9+2 Reposted by 2 other sources
Gas prices drop below $4 per gallon for the first time since July
High gas prices were a top concern for voters in last week's midterm elections.
·Saint Petersburg, United States
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Coverage Details
Total News Sources177
Leaning Left10Leaning Right17Center94Last UpdatedBias Distribution78% Center
Bias Distribution
- 78% of the sources are Center
78% Center
C 78%
14%
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