U.S. gas prices on track to fall below $4 a gallon, experts say
Summary
Energy experts expect the U.S. average gasoline price to fall below $4 per gallon in the coming days, after reaching $4.06 on Thursday, according to GasBuddy. Falling oil prices, increased tanker traffic through the Strait of Hormuz, seasonal demand changes, and lower-cost winter-blend fuel are contributing to the decline.Key Facts
- GasBuddy reported a national average gasoline price of $4.06 per gallon on Thursday.
- GasBuddy petroleum expert Patrick De Haan expects the average to fall below $4 by next week.
- De Haan said diesel prices could fall below $6 per gallon by Thanksgiving.
- Brent crude traded at $97.44 a barrel on Thursday, its first time below $100 since September; West Texas Intermediate traded at $90.42.
- De Haan said increased oil tanker traffic through the Strait of Hormuz has eased pressure on global oil supply.
- Fall travel patterns and the switch to less costly winter-blend gasoline are also weighing on fuel prices.
- Tom Kloza of Gulf Oil forecast that the average gasoline price would fall below $4 within 10 days and said station markups were higher than usual.
- The Trump administration has taken steps to ease fuel costs, including waiving the Jones Act and expanding access to tax-free red-dyed diesel.
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