Gas Prices Dip Below $4 Nationwide For First Time Since July

For the first time since July, average gas prices in the United States have dropped below $4 per gallon, according to data from the American Automobile Association (AAA). As of Tuesday (November 10), the national average for regular gasoline is about $3.98 per gallon. The last time prices were this low was more than 100 days ago.

The recent decline follows a period of record-high prices throughout the summer and early fall. Just one week ago, the average price stood at $4.16, and a month ago it was $4.37. Experts, including Patrick De Haan of GasBuddy, point out that the drop in prices is largely caused by seasonal factors, not politics. De Haan wrote on X that "gas prices dropped in the last week in every state. Not just the states that voted red/blue/purple. same w/diesel."

AAA says the main reasons for the lower prices are a recent plunge in oil prices, decreased demand for gasoline as weather cools, and refineries ramping up production after maintenance periods. Crude oil has dipped back into the high $80 to low $90 per barrel range, which contributes to lower costs at the pump. Seasonal shifts, such as families traveling less after summer and refineries switching to cheaper winter blends, also play a key role.

The drop in prices comes shortly after the midterm elections, when high gas prices were a major concern for many voters. However, De Haan explained in a post on Substack that "many will assume the election had something to do with it, but that’s a myth."

"Gas prices have fallen in the 30 days leading up to the election every year since 2006 except 2010, and it’s typically seasonal: refiners finish maintenance and ramp up output just as demand fades with cooler weather. Those same forces, along with more oil moving through the Strait of Hormuz, are why prices could stay below $4 in the weeks ahead."

In some regions, especially in the northeast and western United States, prices remain above $4. Still, the national trend is downward, and there is discussion in Washington about suspending the federal gas tax to bring further relief, with both President Donald Trump and lawmakers expressing support for the idea before the election.

While drivers are enjoying the price relief, experts warn that prices can quickly rise again if oil markets change or global events disrupt supply. For now, though, seasonal trends and steady oil flows suggest prices could remain under $4 for some time.