American drivers are getting relief at the pump, with gasoline prices falling below 4 dollars a gallon for the first time since July. The national average for regular gasoline stood at 3.98 dollars a gallon on Tuesday, down from 4.15 dollars a week ago, according to the American Automobile Association, although prices remain well above last year’s average of 3.07 dollars.
The decline follows the retreat in crude prices on growing expectations of a diplomatic resolution to the Middle East conflict after the midterm elections, with Brent crude falling below 90 dollars a barrel on Tuesday morning for the first time since August. GasBuddy’s separate measure crossed the threshold earlier, at 3.998 dollars on Sunday November 8, the first reading below 4 dollars on its series since August 10, and its weekly survey put the national average at 3.96 dollars, down 15.9 cents in a week and 39.3 cents in a month, but still 92.2 cents higher than a year ago.
Diesel is falling more slowly from a much higher level. GasBuddy put the national diesel average at 6.186 dollars a gallon, down 9.5 cents on the week, and its head of petroleum analysis, Patrick De Haan, said prices fell in every state over the past week, attributing the decline mainly to seasonal factors alongside more oil moving through the Strait of Hormuz.