Gas Prices Drop Below $4 for First Time Since July

November 10, 2026

Americans got their first relief at the pump in months Tuesday as the national average for regular gasoline dropped below $4 per gallon for the first time since July, hitting $3.9788 according to AAA data.

The decline marks a 17-cent drop from last week and nearly 39 cents below prices a month ago, offering concrete savings for families stretched thin by two years of elevated costs. A typical 15-gallon fill-up now costs about $5.85 less than it did in early October.

Oil Market Shifts Drive Price Relief

The pump price drop follows a sharp retreat in crude oil markets. International benchmark Brent crude briefly fell below $90 per barrel Tuesday for the first time since August, driven by comments from President Trump that raised hopes for resolving the nine-month standoff with Iran.

Energy inflation broadly cooled in October after months of pain. Energy prices rose just 0.7% during the month, a dramatic shift from September’s 5.2% surge, according to Bureau of Labor Statistics data. The BLS gasoline index climbed only 1% in October after jumping 9.1% the previous month.

Seasonal Patterns Play a Role

Part of the recent relief comes from normal seasonal trends, analysts note. Bespoke Investment Group pointed out that gasoline prices typically decline this time of year regardless of broader market conditions.

“While lower oil prices have been a tailwind for the relief at the pump, it’s also perfectly normal for gas prices to be falling at this time of year, so if they weren’t, there would really be something wrong,” the firm said.

The question now is whether prices continue falling into the holiday travel season or stabilize at current levels. Much depends on crude oil markets and whether diplomatic progress with Iran translates into increased global supply. For now, Americans filling up for Thanksgiving trips will see the lowest prices since summer.

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