Gas prices slip below $4 a gallon for first time since July
Summary
The U.S. average price for a gallon of gasoline fell below $4 on Tuesday for the first time in nearly four months, reaching $3.9788, according to AAA. Seasonal fuel changes, lower demand, and a decline in oil prices have contributed to the drop; a GasBuddy expert expects prices to ease further toward Thanksgiving.Key Facts
- AAA reported a national average of $3.9788 per gallon on Tuesday.
- The average was down from $4.56 per gallon earlier this year.
- Gas stations can switch to cheaper winter-blend fuel after September 15 under federal rules.
- Winter-blend fuel costs less to produce than summer-blend fuel, which is designed to reduce evaporation.
- AAA says gasoline prices typically fall by about 10 to 30 cents per gallon in winter as demand decreases.
- The article says global oil prices have also dipped amid hopes for a possible U.S.-Iran deal to end the war.
- Brent crude had recently peaked at $113.43 per barrel on October 30; the article does not provide its Tuesday price.
- GasBuddy petroleum expert Patrick De Haan predicted fuel prices would continue to ease into the Thanksgiving holidays.
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