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Why are gas prices dropping and how low will they go?
AAA says the average has fallen 18 cents from last week, while analysts expect further declines before Thanksgiving.
- National average gas prices dropped below $4 per gallon this week for the first time since July, hitting $3.94 on Wednesday afternoon, according to AAA.
- Seasonal trends and lower driving demand are fueling the post-election drop, according to GasBuddy's Patrick Haan. "Americans are driving less as temperatures get colder," Haan said, citing the switch to cheaper winter gasoline.
- Senate Republican Leader John Thune told reporters on Tuesday that fuel prices heavily influenced midterm losses. "Specifically, people really honed in on the price for fuel in this country," Thune said.
- Despite the recent relief, GasBuddy's Haan warned prices remain vulnerable to geopolitical instability. "Until there's some sort of definitive end to these two geopolitical situations, gas prices will likely remain elevated," Haan said.
- Ukrainian attacks on Russian oil refineries and tensions in the Strait of Hormuz continue pressuring markets, while President Donald Trump downplayed military escalation risks in Iran on Monday. "Iran, militarily, is effectively over," Trump said.
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27 Articles
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Total News Sources27
Leaning Left0Leaning Right0Center27Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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