US EditionWhy Summer Gas Prices Are at a Four-Year Low
- As of Tuesday, the U.S. national average gas price was $3.21 per gallon amid summer travel preparations and stable oil supply.
- This price level follows increased oil production by OPEC+ and eased Middle East tensions after a ceasefire between Iran and Israel.
- Analysts noted the recent spike in gas prices resulted from temporary geopolitical fears and that most shocks, including hurricanes and outages, are short-lived.
- Patrick De Haan forecasted that by September, the average cost of gasoline could drop below $3 per gallon and noted that when accounting for inflation, current fuel costs are among the lowest seen in two decades.
- Despite a July 1 state excise tax increase in California, abundant oil supply and regulatory shifts suggest pump prices will remain stable or decline slowly this summer.
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Summer Gas Prices Hit 4-Year Low: How Long Will it Last?
As many Americans hit the roads and begin their Fourth of July holiday travel rush, gas prices have hit a four-year low. NBC’s Christine Romans joins TODAY to break down whether they'll continue to drop, the states with the highest and lowest prices and more.
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Total News Sources22
Leaning Left6Leaning Right4Center7Last UpdatedBias Distribution41% Center
Bias Distribution
- 41% of the sources are Center
41% Center
L 35%
C 41%
R 24%
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