U.S. Gasoline Prices Fall Below $4 a Gallon for First Time Since July

The national average price of regular gasoline dropped below $4 per gallon for the first time since July, reaching $3.97 to $3.98. Market analysts and officials linked the decline to falling crude oil prices, lower seasonal demand, a shift to cheaper winter-blend fuel, and signals that military conflict between the United States and Iran may be winding down following the midterm elections.

• The national average price for regular gasoline fell below $4 per gallon, reaching between $3.97 and $3.98 on Tuesday, marking the first time prices hit this level since July.· 4 sources
• Brent crude oil prices declined to approximately $90 per barrel, driven by market expectations of reduced geopolitical risk and potential negotiations surrounding Iran's nuclear program.· 2 sources
• President Donald Trump stated that the Iran conflict is 'effectively over' militarily and that further U.S. strikes are highly unlikely while discussions continue with mediators.· 2 sources
• Price decreases were also aided by typical autumn shifts, including reduced seasonal driving demand and the retail transition to less expensive winter-blend gasoline.· 2 sources
• National diesel prices stayed elevated at roughly $6.16 per gallon, supported by ongoing disruptions from the Russia-Ukraine conflict and higher transport costs.· 2 sources