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U.S. Average Gasoline Prices Slide Below $4 Per Gallon
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- The national average price of gasoline in the U.S. has fallen below $4 per gallon for the first time since mid-April, now standing at $3.99, according to GasBuddy data from over 150,000 gas stations.
- Gas prices dropped 9.3 cents in the past week and are down 52.4 cents from a month ago, though still 91.1 cents higher than last year; diesel prices also fell by 11.7 cents to $5.182 per gallon.
- The recent decline in prices is linked to a potential U.S.-Iran peace deal and the possibility of reopening the Strait of Hormuz, which could stabilize and increase oil flows, easing supply pressures.
- Gasoline prices could continue to fall toward $3.75 per gallon by mid-summer if the peace deal holds and crude oil prices remain low, though hurricane season and other factors could impact this trend.
- Elevated gas prices over the past 2.5 months have strained consumers, especially lower- and middle-income households, raising political stakes ahead of the U.S. midterm elections.
