Average US gasoline price dips below $4, GasBuddy says
USO•The US national average gasoline price fell to $3.998 per gallon, its first drop below $4 since August 10. GasBuddy said diesel prices were poised to fall below $6 per gallon soon.
1. Gasoline prices fall
The US national average gasoline price dropped below $4 per gallon for the first time since August 10, reaching $3.998 and continuing to fall, GasBuddy said. Diesel prices were poised to slip below $6 per gallon soon, analyst Patrick De Haan said.
2. Seasonal and oil factors
De Haan attributed the declines to seasonal trends and lower oil prices, citing optimism about a possible deal to end the US-led war on Iran. Brent crude futures fell about 16% last week. De Haan said gasoline prices typically decline in autumn and rise in spring.
3. War and pump costs
Midterm election results that gave Democrats control of Congress raised hopes of de-escalation in the Iran war and increased crude exports from the region. President Donald Trump said he was highly unlikely to order new attacks on Iran as long as talks to end the conflict progress. AAA said Americans have paid more on average for gasoline and diesel during Trump's second term than under Joe Biden.
