The average price of regular gasoline in the United States has reached $3.9788 per gallon, falling below $4 for the first time since early July. This price drop has occurred in light of declining global crude oil prices and reduced seasonal demand.
Price Reductions and Comparison to Last Year
According to AAA data, the gasoline price on Tuesday reached $3.9788 per gallon, down from $4.1493 last week and $4.3669 a month ago. However, prices remain about 20% higher than the seasonal average. At this time last year, the average gasoline price was about a dollar less, at $3.0707 per gallon.
Read more: U.S. Natural Gas Price Reaches $3.24 per MMBtu
Future Predictions and Influencing Factors
Patrick De Haan, head of petroleum analysis at GasBuddy, stated that the United States is likely to see further declines, with the average gasoline price potentially reaching $3.70 per gallon by Thanksgiving. He added, "If the geopolitical situation remains stable, prices may decrease even further." Additionally, in some states like Indiana, Ohio, and Texas, prices have dropped below $3 per gallon.
Since September 24, gasoline prices have consistently declined, reaching $3.965 per gallon. Oil prices have recently fallen due to renewed hopes for a potential agreement between the United States and Iran. However, diesel prices remain high, averaging $6.1572 per gallon, which is a significant increase from $3.7389 per gallon last year.
Read more: Gas Imbalance Will Reach 430 Million Cubic Meters This Winter · Revival of Trade Relations Between Iran and Uruguay with Industrial and Agricultural Capacities
