U.S. Gas Prices Slip Below $4 a Gallon for First Time Since July
National average falls below $4
AAA reported a U.S. average of $3.9788 per gallon on Tuesday, down from $4.56 earlier this year. The price is below $4 for the first time in nearly four months. Patrick De Haan, a petroleum expert at GasBuddy, forecast that prices would continue to ease through the Thanksgiving holidays.
Winter fuel blends lower costs
Gas prices have fallen in recent weeks as stations switch from summer fuel to less expensive winter blends. Federal rules require the summer blend, designed to limit evaporation, from June 1 through Sept. 15; outside that period, stations may sell winter fuel.
Oil costs and Iran deal hopes
Global oil costs are the main factor shaping pump prices and have also dipped. The article links the decline to hopes that the midterm elections could help pave the way for a U.S.-Iran deal to end the war.
Brent crude, the international benchmark, was listed at $TKTK per barrel on Tuesday, down from a recent peak of $113.43 on Oct. 30.
Key points
- AAA put the national average at $3.9788 per gallon on Tuesday.
- Prices have fallen from $4.56 earlier this year.
- Winter fuel blends and lower seasonal demand can reduce pump prices.
- Brent crude’s Tuesday price is reported as $TKTK per barrel.