U.S. Average Gasoline Prices Slide Below $4 Per Gallon
PriceONN Editorial Desk
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Patrick De Haan, a petroleum analyst at GasBuddy, wrote on X that the national average price of gasoline has finally slipped below the politically sensitive $4-a-gallon level for the first time in many months.
Per De Haan:
The nation's average price of gasoline has fallen 9.3 cents over the last week and stands at $3.99 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.
The national average is down 52.4 cents from a month ago and is 91.1 cents per gallon higher than a year ago. The national average price of diesel fell 11.7 cents in the last week and stands at $5.182 per gallon.
GasBuddy tracking 26 states where average #gasprices are below $4/gal, with more likely to join in the days ahead, so long as the Strait does reopen. pic.twitter.com/tduDAoGLKX
"Average gasoline prices fell in 47 states over the last week, with the national average dropping below $4 per gallon late Sunday for the first time since mid-April," said Patrick De Haan, head of petroleum analysis at GasBuddy.
De Haan continued, "The decline came as oil prices moved sharply lower in reaction to news of a potential deal between the United States and Iran, though it remains to be seen whether the agreement will hold. A handful of price-cycling states saw averages jump before joining the broader downward trend. The real test now shifts to the Strait of Hormuz, where any reopening and resumption of normal oil flows would be the clearest signal that this relief is durable. For now, the national average could continue falling, provided there isn't a drastic reversal and the U.S. and Iran continue moving in a positive direction."
Looking at WTI crude futures and the AAA national average for gasoline, the implied decline suggests gas prices at the pump could tumble toward $3.75 by mid-summer.
Great news ahead of midterm elections.
Pump Pain Relief? Gas Above $4 May End Soon As U.S.-Iran Peace Deal Sends Oil Lower
The national average for U.S. gasoline prices has hovered above the politically sensitive $4-per-gallon level for 76 days, or roughly 2.5 months, as the Gulf energy shock tightened physical markets and forced emergency SPR draws.
But with President Trump declaring late Sunday, just 30 minutes before NY futures opened, that a US-Iran peace deal has been secured, and with WTI and Brent futures tumbling, pressure at the pump could begin to ease in the very near term.
National gasoline prices could slip back below $4 in the coming days or weeks if the crude selloff holds and traders begin pricing in a reopening of the Strait of Hormuz. Still, normalization of crude energy flows will likely take months, if not longer, to return to pre-war levels.
As of Sunday evening, AAA data show the national average for 87-octane gasoline stands at around $4.074.
Patrick De Haan, a petroleum analyst at GasBuddy, wrote on X shortly after Trump announced the peace deal that the national average for gas could fall to $3.75 by July 4.
De Haan wrote:
The U.S. and Iran signaling a deal has been struck. The next few days will be key to see if the agreement sticks, and if traffic begins moving in the Strait. WTI crude down 5%, as more confirmations come in days ahead, national average price of gasoline may continue to fade.
Beyond that, the national average could fall below $3.75/gal by July 4, under a optimistic timeline, but hurricane season could be a major wildcard for the rest of summer- tight global inventories mean it will take months or beyond to fully restore global oil inventories.
The next several weeks will be key- one major slip up could impact greatly prices moving forward. And with so many speedbumps in this situation, it may be foolish to think this problem is now completely over. Time will tell.
Surging gas and diesel prices over the last 2.5 months have added downward pressure on consumers, especially working-class households, who were hit with sticker shock at the pump.
The combination of elevated gas prices and fading tax-refund tailwinds had already begun to expose cracks in the consumer economy, particularly among lower- and middle-income households. That likely served as a warning signal for the Trump administration: resolve the Middle East conflict before worsening consumer sentiment and pain at the pump become much larger political liabilities heading into the midterms.
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