Gas prices fall below $4 a gallon for first time in three months
Diesel is still far higher at $6.15 a gallon, while October consumer prices rose 0.4%, more than forecasters expected.
The national average price of regular gasoline dropped below $4 a gallon on Tuesday for the first time in three months, according to AAA. Regular gas has fallen 38 cents in the past month to a national average of $3.98.
Consumer prices in October rose 0.4% from September, according to a Labor Department report released Tuesday. That was larger than forecasters had expected, and rising housing costs accounted for about a third of the increase. Grocery prices also rose sharply.
Lower crude oil prices, a switch to a cheaper winter fuel blend, and seasonal falling demand have pushed gas down. GasBuddy analyst Patrick De Haan said the national average could reach $3.75 a gallon by Thanksgiving if no geopolitical surprises occur. Diesel averages $6.15 a gallon, down about 13 cents in a month, and higher freight costs are beginning to show up in goods.
Key points
- Regular gas averages $3.98 a gallon, down 38 cents in a month (AAA)
- Diesel averages $6.15 a gallon, still elevated due to the Iran war and Russian refinery damage
- October consumer prices rose 0.4%, more than expected, led by housing and groceries
- GasBuddy expects gas could reach $3.75 by Thanksgiving if no major disruptions occur
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Summarized with AI from the sources above and reviewed before publishing.
