Average cost of gas drops to less than $4 per gallon for first time since July
AAA says the average fell 3 cents from Monday as lower seasonal demand and cheaper winter-blend gasoline helped ease pump prices.
- 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.
47 Articles
47 Articles
Gas prices drop below $4 for first time since July despite inflation
Gas prices continued their post-election tumble, finally averaging below $4 per gallon for the first time since July, though inflation continued to run higher than expected. Gas prices reached record highs this year amid the war with Iran and the closure of the Strait of Hormuz, but the U.S.’s growing ability to get oil through […]
The national average price of gasoline in the United States has fallen below $4 for the first time since July, CNBC reported.
(New York = Yonhap News) Correspondent Kim Yeon-sook = The national average price of gasoline in the United States has fallen below $4. This is the first time in about four months since late July.
Gas Prices Hit a Welcome Milestone
Gas prices are finally dipping back into "3" territory. AAA says the national age for regular fell to $3.97 on Tuesday, the first time it's slide under $4 since July 20, thanks to a harp retreat in oil prices. That's down from $4.56 earlier this year, reports CBS...
Coverage Details
Bias Distribution
- 61% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
