Gasoline prices fell to their lowest level since July on Tuesday, with the national average price slipping below $4 a gallon for the first time in months.
Data from AAA showed that the national average price dropped about 3 cents per gallon from Monday’s report, with the average slipping to $3.97 a gallon on Tuesday.
Gas prices have fallen about 17 cents per gallon over the last week, and roughly 39 cents from a month ago, according to AAA’s data.
CONSUMER INFLATION RISES FASTER THAN EXPECTED IN OCTOBER, CPI REPORT SHOWS
The decline in prices comes as refiners have switched to winter blends of gasoline that typically cost slightly less than summer blends, which can be sold at gas stations starting as early as mid-September.
Winter weather tends to result in fewer drivers on the road, which can reduce demand for fuel and contribute to a downward trend in prices, and AAA noted that gas prices may fall between 10 and 30 cents per gallon during the winter months.
TRUMP ADMIN POURING $480M LOAN INTO GULF OF AMERICA OIL AND GAS PROJECT
Consumers have faced higher gas prices for much of this year during the war in Iran, which has disrupted the flow of oil from the Middle East through the Strait of Hormuz and, in turn, constrained supplies for refiners to convert crude into gasoline.
Gas prices hit a recent peak at $4.50 a gallon May 11, 2026, then declined to a recent low of $3.77 a gallon on July 6, according to data from the Energy Information Administration.
CEO WARNS HIGH DIESEL PRICES COULD TRIGGER A ‘VICIOUS CYCLE’ OF SURGING FOOD PRICES
Ongoing tensions in the Middle East contributed to a rise in gas prices as summer turned to fall, with the national average reaching $4.47 a gallon on Sept. 21, 2026.
The Bureau of Labor Statistics on Tuesday released the October consumer price index, which showed gasoline prices were up 1% last month, a much slower rise that followed monthly jumps of 9.1% in September and 3.9% in August.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
Read the full article here
