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The national average price of gasoline slipped below $4 a gallon on Tuesday, its lowest level since July, Fox Business reports, citing data from AAA.
AAA’s data showed the average dropped about 3 cents per gallon from Monday, to $3.97 on Tuesday. Prices have fallen about 17 cents per gallon over the last week and roughly 39 cents from a month ago, according to the auto club.
The decline comes as refiners have switched to winter blends of gasoline, which typically cost slightly less than summer blends and can be sold at stations starting as early as mid-September, the report says. Winter weather also tends to mean fewer drivers on the road, which can reduce demand. AAA noted that gas prices may fall between 10 and 30 cents per gallon during the winter months.
Fox Business says consumers have faced higher gas prices for much of this year during the war in Iran, which has disrupted the flow of oil from the Middle East through the Strait of Hormuz and constrained supplies for refiners.
According to data from the Energy Information Administration, gas prices hit a recent peak of $4.50 a gallon on May 11, 2026, then declined to a recent low of $3.77 a gallon on July 6. The report says ongoing tensions in the Middle East later contributed to another rise, with the national average reaching $4.47 a gallon on Sept. 21, 2026.
The Bureau of Labor Statistics on Tuesday released the October consumer price index, which showed gasoline prices were up 1% last month, a much slower increase after monthly jumps of 9.1% in September and 3.9% in August.
