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Gasoline Prices Fall Below $4 Per Gallon
· Confirmed
In Short: The national average price of regular gasoline dropped below $4 per gallon for the first time since July 20, according to data from motor club AAA.
Gas prices dip below $4 a gallon. ABC News
The national average price of regular gasoline dropped below $4 per gallon for the first time since July 20, according to data from motor club AAA. The average price of a gallon of gasoline fell to $3.98 on Tuesday, down from $4.56 earlier this year.
Diesel prices have also fallen, with the national average now running at $6.16 a gallon, down from $6.53 in late September. The drop in pump prices came after oil futures plunged 13% last week.
The record high for average U.S. Prices at the pump around the Thanksgiving holiday was $3.58 a gallon in 2022, data from the motor club shows. According to AAA, gas prices typically fall by around 10 to 30 cents per gallon during the winter months.
The cheapest gas was found in North Carolina, where drivers were paying $3.34 per gallon, followed by Georgia, at $3.54 per gallon, and Texas, at $3.58 per gallon. The average price of regular gas has jumped $1 per gallon since the U.S.
The U.S. Price of crude oil (West Texas Intermediate) is below $90 to start this week. West Texas Intermediate gasoline prices, the American benchmark, were at $84.45 per barrel on Tuesday morning, down from $104 at the end of October, according to Oilprice.com.
Consumer prices rose at a monthly rate of 0.5% in October, new government data shows. Headline inflation ran hot too, up 3.7% annually against a 3.6% forecast, with gasoline doing most of the lifting.
The final rule weakens existing Corporate Average Fuel Economy (CAFE) standards, lowering the expected fleetwide average to just 34.9 miles per gallon by 2031 – below what automakers on average have already achieved.
The surge in gasoline prices this year led to the first dip in the share of gasoline-fueled cars below 50%, ever, according to data by automotive data and analytics provider Mobility Global cited by Nikkei Asia.
Battery electric vehicle sales in Europe, including the UK, Switzerland, and Norway, surged by 52.2% in August from a year earlier as record-high gasoline and diesel prices prompted drivers to flock to battery and hybrid vehicles, data by the European Automobile Manufacturers’ Association, ACEA, showed last month.
What this adds
The decline in gasoline prices is attributed to lower driving demand and a seasonal drop in demand, but prices are still about 20% above the seasonal average.
President Donald Trump predicts gas prices will drop below $2 a gallon after the midterm elections, though this remains speculative.
What's confirmed
- The average price of a gallon of gasoline fell below $4 for the first time since July, according to AAA gas prices.
- National average gasoline prices fell to $3.98 a gallon, according to AAA – their first time below the $4 mark since July 20.
- The average nationwide price for regular gasoline Tuesday fell below $4 per gallon for the first time since July 20, according to data from motor club AAA.
- The drop in pump prices came after oil futures plunged 13% last week.
What's still developing
- "People who have boats and RVs are probably done for the year. I would say, by Thanksgiving, so long as we don't get any wild cards geopolitically, the national average could be $3.75 a gallon."
- The United Nations Development Program estimates that 90% of Syrians live below the poverty line, compared with about a third before the Syrian civil war began in 2011.
- Core CPI rose on higher shelter, owner-equivalent rent, recreation, and education costs, plus a jump in used-car and truck prices.
- President Donald Trump predicts gas prices will drop below $2 a gallon after the midterm elections.
- The National Highway Traffic Safety Administration announced today that it is gutting fuel-economy standards for cars, SUVs, and pickup trucks, an inconceivable decision given the purpose of the federal fuel economy program – to reduce gasoline consumption – and the skyrocketing prices at the pump Americans are already struggling to pay.
- Those standards are being repealed in this action by the Trump administration today, and a new average goal of just 34.9 miles-per-gallon set.
- MYRTLE BEACH, SC (WMBF) - Gas prices are providing some relief for drivers across the country.
- The fuel most Americans rarely think about could become a major political issue in the midterm elections after diesel prices hit a new national record and climbed above $6 per gallon.
- As prices rise, businesses face higher transportation and operating costs that can ripple through the economy and push up the price of everyday goods.
- We explain exactly what’s happening below if you would like to take a deeper dive.
- It climbed a penny to $4.00 a gallon on July 20, and remained at or above $4 until today (November 10).
- Gasoline prices have been falling in recent weeks amid lower driving demand, but prices are still about 20% above the seasonal average.