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US petrol prices dip to $4.17 a gallon ahead of midterm elections
US petrol prices fall to $4.17 a gallon, down 12 cents from last week, ahead of midterm elections.
Key points
- Diesel prices eased to $6.29 per gallon, down 6 cents from a week earlier.
- Oil prices fell 6 percent on Monday as diplomatic efforts to end the US-Israel war on Iran continued.
- On Wall Street, ConocoPhillips fell 3.7 percent, Chevron 2.3 percent and ExxonMobil 3.3 percent.
Why it matters. Cost-of-living concerns remain a top issue for voters heading to the polls, and the White House says gas prices will drop drastically once the Iran conflict ends.
The average regular petrol price in the United States was $4.17 per gallon on Monday, according to the American Automobile Association, which tracks daily prices. That was down 12 cents from a week earlier and 23 cents from a month ago, though well above the $3.04 seen a year earlier. GasBuddy's Patrick De Haan said oil had fallen about 5 percent and the national average could drop under $4 in the next week barring a change of course.
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US petrol prices dip to $4.17 a gallon ahead of midterm elections
The average price of regular petrol in the United States dipped to $4.17 a gallon on Monday, according to the American Automobile Association (AAA), which tracks daily fuel prices. Diesel prices eased to $6.29 a gallon, offering slight relief amid a global fuel demand squeeze. The decline follows renewed diplomatic efforts to end the US-Israel war on Iran, which has weighed on energy markets. Prices nonetheless remain high, and the cost of living is a central issue for voters ahead of the United States midterm elections. A gallon is equal to 3.78 litres.
Stock Futures Rise as Oil Prices Fall Before U.S. Midterm Elections
Stock futures moved higher on Sunday after a losing week on Wall Street. S&P 500 futures traded up 0.3%, while Nasdaq-100 futures gained 0.4%. Futures linked to the Dow Jones Industrial Average added 116 points, or 0.2%. Investors are preparing for a busy week that includes a packed slate of earnings results, jobs reports and the upcoming U.S. midterm elections. Stocks moved higher on Monday as oil prices fell and technology shares rebounded.