U.S. gasoline prices have dropped to $3.9788 per gallon, down from $4.1493 a week ago, as lower crude prices and seasonal demand shifts offer relief to consumers, though diesel remains elevated at $6.1572.
Falling US pump prices confirm a sustained crude slide: WTI already traded down 1.22% to $85.79, and prices have tumbled on hopes of a US-Iran agreement plus seasonal demand decline. GasBuddy sees pump prices falling to around $3.70 by Thanksgiving, implying continued soft crude demand-side momentum. Risk of reversal if the diplomatic push fails, which the analyst explicitly flags as a swing factor.
Brent already slipped below $90 for the first time since August, trading at $90.82, down 1.89%, as US-Iran deal hopes cut the war risk premium. The trend in US pump prices confirms demand-side weakness reinforcing the slide. A breakdown in diplomacy or renewed attacks, such as the fresh Saudi pipeline attack already reported, could reverse the move.
The national average regular gasoline price fell to $3.9788, the first sub-$4 reading since July, down from $4.1493 a week earlier, and GasBuddy expects the slide to run at least another week or few toward $3.70 by Thanksgiving. Gasoline futures were already down 2.06% to $2.596. Sub-$3 pump prices in several states and seasonal demand weakness point lower, though geopolitics remain a wildcard.
The national average for regular gasoline in the U.S. fell to $3.9788 per gallon, marking the first sub-$4 reading since July. This decline follows a broader retreat in international crude oil prices and a seasonal reduction in driving demand. Analysts at GasBuddy expect the downward trend to persist, potentially reaching $3.70 per gallon by Thanksgiving, provided geopolitical conditions remain stable.
The article attributes the decline to lower international crude prices feeding through to the pump, a seasonal drop in driving demand, and renewed hopes of some form of US-Iran agreement.
GasBuddy's Patrick De Haan expects further declines for at least another week or few, with the national gasoline average possibly near $3.70 per gallon by Thanksgiving, and possibly lower if geopolitics stay balanced.
Yes, it confirms that lower crude prices and weak demand are passing through to consumers, with the national gasoline average falling from $4.494 on September 24 to $3.9788.
The analyst notes pump prices can still be impacted by geopolitical developments; the article also mentions a fresh Saudi pipeline attack and unresolved US-Iran negotiations.
Lower international crude prices amid US-Iran deal hopes and a seasonal drop in driving demand have pushed the national average down from a September 24 peak of $4.494 to $3.9788 per gallon.
GasBuddy's Patrick De Haan expects declines for at least the next week or few, possibly reaching about $3.70 per gallon by Thanksgiving, with further falls if the geopolitical situation stays balanced.