American Oil and Gas Association President Tim Stewart discusses the potential impact of Democratic energy policies on the Texas oil industry. Stewart weighs in on proposed gas tax suspensions and regulatory changes.
Gasoline prices fell Tuesday to their lowest level since July, with the national average price falling below $4 a gallon for the first time in months.
AAA data showed the national average price fell about 3 cents per gallon from Monday’s report, with the average dropping to $3.97 per gallon on Tuesday.
Gas prices fell about 17 cents per gallon over the past week, and about 39 cents from the previous month, according to AAA data.
CONSUMER INFLATION INCREASES FASTER THAN EXPECTED IN OCTOBER, CPI REPORT SHOWS
Gas prices remain volatile and hit their lowest level since July on Tuesday, according to AAA data. (Mr. Scott Brauer/Bloomberg via Getty Images)
The price drop comes as refiners have shifted to winter gasoline blends that generally cost a little less than summer blends, which can be sold at gas stations as early as mid-September.
Winter conditions tend to put fewer drivers on the road, which can reduce demand for fuel and contribute to a downward price trend, and AAA noted that gasoline prices could drop between 10 and 30 cents per gallon during the winter months.
TRUMP ADMINISTRATOR PUTS $480M LOAN INTO GULF OF AMERICA OIL AND GAS PROJECT
Refineries have shifted to winter gasoline blends that tend to be slightly less expensive than summer blends. (Sharon Steinmann/Bloomberg via Getty Images)
Consumers faced higher gas prices for much of this year during the war in Iran, which disrupted the flow of oil from the Middle East through the Strait of Hormuz and, therefore, limited supply to refiners to convert crude into gasoline.
Gas prices recently peaked at $4.50 per gallon on May 11, 2026, then fell to a recent low of $3.77 per gallon on July 6, according to Energy Information Administration data.
CEO WARNS HIGH DIESEL PRICES COULD TRIGGER A “VICIOUS CYCLE” OF RISING FOOD PRICES
The war in Iran has disrupted the supply of oil from the Middle East to global markets, driving up prices. (Giuseppe Cacace/AFP via Getty Images)
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 per gallon on September 21, 2026.
The Bureau of Labor Statistics released the October Consumer Price Index on Tuesday, which showed gasoline prices rose 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
Gn bussni
