Gas Prices Drop Below $4 for First Time Since July
National gas prices fall below $4 per gallon for the first time since summer, influenced by political shifts and seasonal changes.
2 min read
The average national price of gasoline has fallen to $3.97 per gallon, marking its first drop below $4 per gallon since July, according to data from AAA.
Brent Crude oil, the international benchmark for the price of oil, also fell to about $90 per barrel, as of Tuesday, continuing its downward slide since October.
The price drop of about 17 cents in the last week comes amid tentatively rising confidence that President Donald Trump will begin to wind down the United States’ conflict in Iran, given the midterm elections’ results and his comments about the situation.
Markets quickly began betting after the election that Democrat control of the U.S. Senate and House of Representatives would mean the United States’ military actions in the Middle East would be restrained.
“Given the Democrats’ control of Congress, there will likely be more scrutiny over the war, while funding it could become more difficult,” ING commodities strategists said in a statement. “The outcome of the elections means there could be more pushback from the Republican Party, too.”
Vice President JD Vance diagnosed the reason Republican candidates lost several races across the country as the public’s disapproval of the conflict, noting that “any honest conversation about where we go from here must start there.”
. @POTUS : "Iran, militarily, is effectively over. We're just keeping it the status quo… I don't guarantee anything, but if we do have to go back in, we are locked and loaded." https://t.co/TT24npjdBp pic.twitter.com/MZShGHTYUt
Trump teased continued strikes on Iran, though he also seemed optimistic on Monday that the U.S. could end its campaign against Iran soon.
“Iran militarily is effectively over,” the president told reporters in the White House Briefing Room. “We’re just keeping it the status quo.”
He later added, “Should there be any change with respect to developments in the Middle East, the United States of America is fully locked and loaded with the best equipment ever made and we don’t think there’s going to be any reason to use it, however.”
The drop in prices also comes as retailers switch from summer gasoline to winter-blend, which is designed for colder weather and less costly to produce. This usually leads to a seasonal price drop, per AAA.
The price of diesel remains high, averaging $6.16 across the country, nearly double the $3.74 average from a year ago. This can also be attributed to the war between Russia and Ukraine, given that Ukrainian strikes have targeted Russia’s diesel infrastructure and prompted it to restrict its exports to conserve energy for the ongoing warfare.
Source: OANN
