Gas prices fall below $4 for the first time since July
The national average hit $3.98 on Tuesday as crude oil retreated. Drivers are still paying about 90 cents more than a year ago.
The national average price for a gallon of regular gasoline dropped below $4 on Tuesday, the first time it has been under that mark since July.
AAA put the average at $3.98, down about 17 cents, or 4%, from a week earlier. A month ago the average was $4.37.
The slide follows a sharp drop in crude oil. AAA said last week that crude had fallen back into a range of the high $80s to low $90s per barrel, with West Texas Intermediate settling at $88.12 on Nov. 4 after losing nearly $8 in a session. Brent crude, the global benchmark, fell about 7% on Monday as reports of easing tensions between the U.S. and Iran pulled prices lower, Oilprice.com reported. That left Brent about 22% below its late October high of $118.
Prices are still high for the season. A year ago the national average was $3.08, according to AAA, and before 2026 it had never topped $4 in November.
Demand has not fallen off. Federal data cited by AAA showed gasoline demand rising to 8.80 million barrels per day from 8.35 million the week before, while production climbed to 9.70 million barrels per day.
What drivers pay still depends heavily on where they live. California has the highest average at $5.71 a gallon and North Carolina the lowest at $3.24. Diesel has been slower to fall, averaging $6.16 a gallon, down about 13 cents from a week ago.
Sources: AAA, Breitbart, CNN, Oilprice.com
