Business · Energy & Commodities · 50 mins ago
US average gasoline price falls below $4 a gallon for first time since July
The US average gasoline price fell to $3.98 a gallon, below $4 for the first time since July.
The American Automobile Association said the average fell 4.1% in a week and 8.9% in a month.
Lower crude oil prices and reduced seasonal demand helped bring prices down.
One account said gasoline remained 29.6% more expensive than a year earlier, while another put it 19% above its seasonal average.
Prices had risen after disruptions to oil supplies, including those linked to the conflict involving the US, Israel and Iran.
Easing concerns about the conflict helped push oil prices lower, while recovering US gasoline stocks also offered some relief.
Prices could rise again if conflict resumes, and retail diesel still costs more than $6 a gallon.
The US national average price of regular gasoline fell below $4 a gallon for the first time since July, according to AAA.
AAA data put the average at $3.98 on Monday, November 10, while NPR reported it had fallen to $3.94 by Tuesday.
The decline reflects lower crude oil prices and seasonal reductions in gasoline demand.
Prices remain well above year-earlier levels, according to Bloomberg HT, and above the seasonal average, according to Al Eqtisadiah.
Analysts cited in the articles said renewed conflict between the US and Iran could push oil and gasoline prices higher again.
- Who
- US drivers are seeing lower gasoline prices. AAA reported the national average.
- What
- The US average price of regular gasoline fell below $4 a gallon for the first time since July.
- When
- It crossed below $4 on Monday, November 10, according to Bloomberg HT and Al Eqtisadiah. NPR reported a $3.94 average on Tuesday.
- Where
- Across the United States.
- Why
- Falling crude oil prices and seasonal declines in demand contributed to the drop.
This story does not have two clearly opposing sides.
US and Israeli military strikes on Iran disrupted oil and refined-product exports through the Strait of Hormuz, according to Al Eqtisadiah.
The downward trend in US gasoline prices began, according to Al Eqtisadiah.
The national average fell to $3.98 a gallon, its first drop below $4 since July, according to AAA data cited by Bloomberg HT and Al Eqtisadiah.
The national average was reported at $3.94 a gallon by NPR.
- National average, November 10
- $3.98 a gallon
- National average, November 11
- $3.94 a gallon
- Change over one month
- Down 8.9%, according to Bloomberg HT
- Year-on-year price difference
- 29.6% higher, according to Bloomberg HT
- Brent crude
- Briefly fell below $90 a barrel, according to Bloomberg HT
3 sources
What people are saying
For now, it's the seasonal shift, not politics, driving the relief at the pump.
If we see renewed escalation, much of last week's oil price decline could quickly reverse
However, this does not mean a complete 'normalization,' a return to the price levels we had before this conflict started
We see momentum toward ending this conflict. I think it will end quite soon