US Gas Prices Drop Below $4 for the First Time Since March
WHO:
ABC News - President Trump signed an agreement with Iran.
NY Post - Americans have spent about $46 billion more on gasoline since the start of the conflict.
WHAT:
Bloomberg Markets - Traders and analysts indicate that U.S. drivers will likely have to wait until the end of 2026 for gasoline prices to return to pre-crisis levels.
ABC News - The agreement between the U.S. and Iran calls for a permanent end to hostilities and starts a 60-day negotiating clock to reach a final deal on the future of Iran’s nuclear program.
ABC News - The price of U.S. benchmark crude oil fell to about $80 per barrel, down from over $120 a barrel reached earlier in the conflict.
ABC News - Analysts indicate that it will take weeks or months for oil to start flowing through the Strait of Hormuz again.
ABC News - Fighting over the Strait of Hormuz disrupted supplies of crude and refined fuel, as well as supply chains for fertilizer, food, and footwear.
ABC News - U.S. gas prices fell below $4 a gallon on average, reaching $3.999.
ABC News - This is the first time since March that gas prices have been that low.
ABC News - The agreement with Iran calls for Tehran to dilute its stockpile of highly enriched uranium and waives U.S.-backed sanctions.
ABC News - The price for a barrel of U.S. crude has tumbled 14% this month, now about $80 per barrel.
ABC News - Gas prices in California average $5.64 per gallon, while in South Carolina, they average $3.58 per gallon.
WHERE:
ABC News - The average gas price is reported nationwide in the U.S.
ABC News - California and South Carolina are specifically mentioned for their gas prices.
ABC News - The Strait of Hormuz is mentioned as a significant route for oil transport.
WHEN:
ABC News - The agreement with Iran starts a 60-day negotiating clock to reach a final deal on Iran’s nuclear program.
WHY:
ABC News - The agreement appears to offer Iran several benefits up front while extracting little in return.
ABC News - Fighting over the Strait of Hormuz disrupted supplies of crude and refined fuel, affecting various supply chains.
HOW:
ABC News - Refineries typically pay for crude oil a month or more in advance, affecting the processing of cheaper products even after oil prices drop.
ABC News - Refineries typically pay for crude oil a month or more in advance, affecting the processing of cheaper products even after oil prices drop.
ABC News - Hundreds of ships trapped in the Persian Gulf will take time to exit through the Strait of Hormuz, and Gulf oil producers will need time to resume production.
(UPDATED June 18, 2026 19:44 UTC)
Traders and analysts are predicting that U.S. drivers will likely have to wait until the end of 2026 for gasoline prices to return to pre-crisis levels. This forecast comes as the market continues to adjust to ongoing economic challenges. As a result, consumers may need to prepare for higher fuel costs in the coming months.
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(UPDATED June 18, 2026 16:08 UTC)
The U.S. and Iran have reached an agreement that aims for a permanent end to hostilities and initiates a 60-day negotiating period to finalize the future of Iran's nuclear program. Meanwhile, the price of U.S. benchmark crude oil has fallen to about $80 per barrel, a significant drop from over $120 earlier in the conflict, although analysts warn that it may take weeks or even months for oil to start flowing through the Strait of Hormuz again. Disruptions in this vital shipping route have impacted supplies of crude and refined fuel, as well as essential goods like fertilizer, food, and footwear, and refineries typically pay for crude oil well in advance, complicating the processing of cheaper products even after prices decrease.
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(UPDATED June 18, 2026 14:03 UTC)
President Trump has signed an agreement with Iran that requires Tehran to dilute its stockpile of highly enriched uranium and waives certain U.S.-backed sanctions, starting a 60-day negotiating period for a final deal on Iran's nuclear program. Meanwhile, U.S. gas prices have fallen below four dollars a gallon for the first time since March, with the national average now at three dollars and ninety-nine cents, although prices vary significantly across states, reaching five dollars and sixty-four cents in California and three dollars and fifty-eight cents in South Carolina. Americans have spent about forty-six billion dollars more on gasoline since the start of the conflict, as disruptions in the Strait of Hormuz have impacted crude oil supplies and prices, which have dropped fourteen percent this month to around eighty dollars per barrel.