US Gas Prices Post Biggest Weekly Drop in Months Ahead of Election Day - Newsweek
Average nationwide gas prices across the U.S. have recorded their biggest weekly decline in months, falling by 17.1 cents to reach $4.12 per gallon, according to fuel-price tracking platform GasBuddy.
The national average is also down 24.7 cents from a month ago but remains $1.13 per gallon higher than a year ago, says the data compiled from more than 12 million individual price reports covering over 150,000 gas stations.
The price drop will come as welcome news to Americans heading to the polls for the midterm elections, where the cost of living has emerged as a key issue.
However, an analyst warned that the decline may not last, with uncertainty over the Iran conflict continuing to threaten oil markets.
"Average gasoline prices fell in nearly every state over the last week, while diesel declined in most, as refinery maintenance wraps up and seasonal demand continues to fade with the onset of cooler weather," Patrick De Haan, head of petroleum analysis at GasBuddy, said.
"Volatility could return quickly after the election," De Haan added. "Whether new attacks occur or a truce takes hold around the Strait of Hormuz, along with continued Ukrainian strikes on Russian refineries, will likely dictate where prices head as we move closer to the holidays."
Gas prices varied across the country this week. North Carolina recorded the lowest state average at $3.37 per gallon, followed by Georgia at $3.54 and Texas at $3.58, according to GasBuddy.
Meanwhile, California had the highest average at $5.85 per gallon, followed by Hawaii at $5.64 and Washington at $5.14.
The median price of gasoline across the country was $3.99 per gallon, down 10 cents from the previous week and around 13 cents below the national average.
Colorado recorded the biggest weekly decline, with prices falling 32.7 cents per gallon. This was followed by Wisconsin prices falling by 27.5 cents, Michigan by 26.9 cents, Ohio by 26 cents and Florida by 21.3 cents.
Oil prices also fell more than 7 percent at the start of the week. There had been hopes of diplomatic progress between the U.S. and Iran following talks between Iranian and Qatari officials over the weekend.
Esmaeil Baghaei, spokesperson for Iran's Ministry of Foreign Affairs, said the Strait of Hormuz could reopen within two days if Washington accepted a proposal Tehran submitted in September to end the war.
Trump wrote on Truth Social on Monday: "Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen!"
However, the situation remains volatile. The U.S. military carried out limited strikes on Iran's Qeshm Island on Monday, which U.S. officials described as defensive measures. Concerns remain that Washington could resume broader military action after the midterm elections.
Continued Ukrainian strikes on Russian refineries are another source of uncertainty for global oil markets.
