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US average gas price drops below $4 for first time since July

U.S. regular gas prices fell below $4 per gallon for the first time since July, reaching $3.9788 on Tuesday.

Updated 1 min read

Published by Agyata NewsroomEditorial policyCorrections

Key points

  • Regular gasoline prices reached $3.9788 per gallon on Tuesday.
  • This is the first time the national average has dropped below $4 since July.
  • Energy inflation slowed to a 0.7% increase in October according to the Bureau of Labor Statistics.

Why it matters. Lower fuel costs provide relief to consumers, though Federal Reserve officials caution that prices remain elevated compared to the start of the year and could still impact inflation.

Updated Sources: CNBC, Cbsnews, Nbcnews

U.S. regular gasoline prices dropped to $3.9788 per gallon on Tuesday, marking the first sub-$4 average since July, according to AAA. This decrease follows a slowdown in energy inflation, with the Bureau of Labor Statistics reporting a 0.7% monthly increase compared to September's 5.2% surge. Analysts from Bespoke Investment Group noted that seasonal trends and recovering Gulf oil supplies also contributed to the decline.

Latest updates

US average gas price drops below $4 for first time since July

Americans may find relief at the pump as the national average price of regular gasoline fell below $4 a gallon for the first time since July. According to data from motor club AAA, the price reached $3.9788 on Tuesday, representing a decline of about 17 cents from the previous week. This drop follows a significant slowdown in energy inflation over the past month. Experts predict prices could continue to sink, potentially reaching $3.75 a gallon by Thanksgiving.

CNBCCbsnewsNbcnews

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