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Gas Prices Fall Below $4 as More Oil Flows, but Experts Warn Relief May Not Last
OPEC and its allies added about 2 million barrels a day in October, easing pump prices as winter-blend gasoline took over.
- The national average for a gallon of regular gas fell to $3.94 on Wednesday, according to AAA, marking the first time prices averaged under $4 a gallon since July.
- OPEC and its allies increased production by about 2 million barrels daily in October, with Saudi Arabia adding nearly 1.2 million barrels as supply disrupted by the war with Iran returned online.
- Seasonal factors and increased oil flow through the Strait of Hormuz are driving the decline, says GasBuddy head of petroleum analysis Patrick De Haan, though "the risk is that any sudden shift in geopolitical tensions could inflame, slow down the decline, or could lead to higher prices."
- Wisconsin gas prices remain more than $1 higher than last year despite recent declines, and drivers relying on diesel have experienced significantly less relief than unleaded buyers, with diesel prices $2.33 higher per gallon than last November.
- GasBuddy expects the national average to fall to between $3.65 and $3.75 by Thanksgiving, though analyst Tom Kloza warned that refinery maintenance postponed into 2027 could set up "the mother of all refinery maintenance seasons" triggering price spikes.
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Leaning Left0Leaning Right0Center11Last UpdatedBias Distribution100% Center
Bias Distribution
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