The national average for regular gasoline fell roughly 40 cents over the past month to $3.94 per gallon, largely accelerated by an expedited September 1 switch to winter-grade fuel. Meanwhile, Brent crude dropped to around $90 a barrel thanks to higher Middle Eastern pipeline flows and optimism over U.S.-Iran diplomatic talks. Despite these improvements, analysts warn that fully normalizing the global supply chain will take months following any lasting peace accord.
Key points
Gasoline prices remain at the highest levels ever recorded for this time of year despite…: Gasoline prices remain at the highest levels ever recorded for this time of year despite recent declines.
Analyst Jorge León warned that fuel costs could quickly reverse if military conflicts esc…: Analyst Jorge León warned that fuel costs could quickly reverse if military conflicts escalate before Democrats take control of Congress.
Dow Jones Energy analyst Jaime Brito stated that restoring shipping routes and refinery s…: Dow Jones Energy analyst Jaime Brito stated that restoring shipping routes and refinery stockpiles will require months after a peace deal.
Sources checked by our analysis pipeline: 1
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Drivers are starting to see some relief from high fuel prices. For the first time in months, the average price of a gallon of gasoline has dipped below $4, according to AAA.
The price crossed below the $4 threshold on Tuesday, and is currently down to a national average of $3.94 for a gallon of regular. Prices have dipped about 40 cents over the past month, with much of that decline happening in the past two weeks.
"Many will assume the election had something to do with it, but that's a myth," Patrick De Haan, head of petroleum analysis at GasBuddy, wrote in his industry newsletter.
Instead, he continued, gasoline prices are dropping for a more banal reason: "For now, it's the seasonal shift, not politics, driving the relief at the pump."
Gas prices often ease in the fall.
One reason: It's no longer summer, which is the peak season for gas. (Fewer people drive in colder weather, AAA points out.) With less demand, there's a touch…
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