Experts say several factors explain this downward trend.
WASHINGTON —
The national average for regular gasoline fell below $4 a gallon this week for the first time since July, according to AAA.
The $3.94 average Wednesday afternoon was 18 cents lower than last week and more than 40 cents lower than a month ago, according to an analysis from our Get the Facts Data team.
Patrick De Haan, head of oil analysis at GasBuddy, predicts prices could fall to $3.65 to $3.75 by Thanksgiving. Despite the drop, this would still be the highest holiday fuel price ever recorded, according to De Haan.
It comes after major midterm election defeats for Republicans that party leaders have, at least in part, blamed on economic woes.
“Specifically, people have been really interested in the price of fuel in this country,” Senate Republican Leader John Thune said Tuesday. “I think it had a big impact on our candidates.”
De Haan said a range of factors explain the post-election decline, including typical seasonal trends.
“Americans drive less as temperatures drop. Switching to cheaper winter gasoline lowers fuel costs,” De Haan said.
Other factors include increased oil traffic through the Strait of Hormuz and recent comments by President Donald Trump downplaying the likelihood of military escalation in Iran.
“Iran, militarily speaking, is effectively finished. We’re just maintaining the status quo,” Trump said during a press briefing Monday.
Ukrainian attacks on Russian oil refineries have also contributed to rising fuel prices. Following US-mediated negotiations this week, Russia and Ukraine agreed to a prisoner exchange, but no major progress was announced on a longer-term deal to end the fighting. The Trump administration’s peace efforts continue as U.S. envoys are expected to meet separately with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy.
“Until there is some sort of definitive end to these two geopolitical situations, gas prices will likely remain high,” De Haan said.
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