Gas is about to drop below $4 for the first time since July

Key Points:

• The national average price of gasoline in the U.S. is nearing $4 per gallon for the first time since July, currently around $4.01, down 14 cents since Election Day and 36 cents from a month ago, with 26 states already below $4.
• Seasonal factors such as the end of summer driving and earlier sunsets due to Daylight Saving Time are reducing gasoline demand, while diesel and jet fuel prices remain high due to sustained demand in trucking, farming, and air travel.
• Oil refineries are operating at high capacity to meet diesel and jet fuel demand, resulting in increased gasoline supply and contributing to lower gas prices.
• Despite the current price drop, analysts warn that gas prices could rise above $4 again next spring due to damaged global refinery capacity, deferred refinery maintenance expected in 2027, and gas station owners' pricing strategies.
• High gas prices remain a significant concern for voters, with surveys showing that $4 per gallon is a tipping point that influences driving habits, and experts caution that prices are unlikely to return to pre-Iran war levels or the sub-$2 promised by some political figures.