U.S. gasoline prices fall below $4 as oil retreat eases pump costs
Seasonal weakness and lower crude prices are bringing some relief to U.S. drivers as average gasoline costs dip under a key threshold. The national average for regular gasoline falls to $3.9788 a gallon on Nov. 10, the first reading below $4 since July, with prices down from both a week and a month earlier.
Highlights
- U.S. average price for regular gasoline drops to $3.9788 a gallon on Nov. 10, down 17 cents from a week ago and 39 cents from a month ago, according to AAA.
- Brent crude falls below $90 a barrel for the first time since August as Middle East oil exports recover to 80%-85% of prewar levels, easing supply concerns.
- Federal Reserve Governor Christopher Waller warns that energy shocks may have more persistent inflation effects, with prices still elevated compared to the year's start.
Price decline reflects lower oil and seasonal trends
As reported by CNBC, citing AAA, the U.S. average price for regular gasoline falls to $3.9788 a gallon on Nov. 10, down about 17 cents from a week ago and about 39 cents from a month ago.The move follows a broader slowdown in energy inflation in October. Energy prices increase 0.7% during the month, compared with a 5.2% surge in September, while the Bureau of Labor Statistics says its gasoline index rises 1% after advancing 9.1% a month earlier.
Bespoke Investment Group says part of the recent relief is consistent with normal seasonal patterns, as gasoline prices typically decline at this time of year. The firm says lower oil prices are helping, but adds that falling pump prices are also typical for the season.
Supply recovery tempers inflation concerns
Crude markets are also easing pressure on fuel costs. Brent crude briefly falls below $90 a barrel on Tuesday for the first time since August after comments from U.S. President Donald Trump fuel hopes for an end to Washington's nearly nine-month conflict with Iran.Recovering oil flows from the Persian Gulf are further reducing supply concerns. ING says regional crude exports have returned to an estimated 80% to 85% of prewar levels, including pipeline shipments.
Even so, inflation risks remain in focus for policymakers. Federal Reserve Governor Christopher Waller warns on Tuesday that energy shocks may have more persistent effects on inflation than they did before the pandemic, adding that prices remain elevated relative to the start of the year despite the recent decline.
This adds to earlier discussion around UBS rate outlook, which extended expectations for Fed hikes into 2027 after an inflation surprise.
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