US gas prices fall below $4 a gallon for first time since July

Summarised from 2 outlets · Updated 10 Nov, 12:01 · Archive

Petrol prices in the United States have fallen below $4 a gallon for the first time in nearly four months, with the national average at $3.98 on Tuesday according to AAA, down from $4.56 earlier this year. CBS News reports that petroleum expert Patrick De Haan predicts prices will continue to fall, reaching $3.75 a gallon by Thanksgiving.

The decline is driven by several factors. Gas stations switch from summer-blend fuel, which is designed to guard against evaporation and required from June 1 to September 15, to cheaper winter-blend fuel during the cooler months. This switch coincides with a drop in demand as people take fewer road trips and vacations during winter, typically reducing prices by 10 to 30 cents per gallon. Global oil costs have also fallen, with Brent crude trading at $91.12 per barrel on Tuesday morning.

How it is being reported

• Gas prices dip below $4 but inflation remains stubbornly highGasoline prices fell below $4 a gallon Tuesday for the first time in three months — but the overall cost of living remains stubbornly high.NPR · 10 Nov, 14:35
• Gas prices slip below $4 a gallon for first time since JulyPetroleum expert Patrick De Haan predicts prices will continue to sink and reach $3.75 a gallon by Thanksgiving.CBS News · 10 Nov, 09:16

In this story: United States · AAA · Patrick De Haan · GasBuddy

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