U.S. Gas Costs Drop Below $4 Before Thanksgiving
A petroleum analyst expects the national average to fall to $3.75 by Thanksgiving.
The U.S. average gasoline price stood at $3.9788 per gallon on Tuesday, AAA said. That moved the nationwide figure beneath $4 after almost four months above that threshold. Earlier this year, the average reached $4.56.
GasBuddy petroleum expert Patrick De Haan expects prices to keep declining through the Thanksgiving holidays. One reason is the seasonal fuel change. Federal requirements make stations offer summer-blend gasoline from June 1 through Sept. 15 to limit evaporation. After Sept. 15, they may sell winter-blend fuel, which costs less to make.
The seasonal transition also arrives as demand decreases. Winter brings fewer vacations and road trips, and AAA says that typically lowers gasoline prices by roughly 10 to 30 cents per gallon. Spokane-area commuters, parents and other drivers could spend less at the pump if the national decline reaches local stations.
Oil prices have also eased. Global oil costs are the leading influence on pump prices, and Brent crude futures traded at $91.12 per barrel Tuesday morning. The decline came amid hopes that the midterm elections might enable a U.S.-Iran agreement to end the war.
- Tuesday’s U.S. average was $3.9788 per gallon.
- The average had been $4.56 earlier this year.
- Summer-blend requirements run June 1 through Sept. 15.
- Winter demand changes typically cut prices by 10 to 30 cents per gallon.
- Brent crude futures traded at $91.12 per barrel Tuesday morning.
Source: CBS News U.S. ↗
Summarized from the reporting above. Read it for the full story.
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