U.S. Gas Prices Dip Under $4 for First Time Since July

WHO:

CBS News US - Petroleum expert Patrick De Haan predicted gasoline prices would continue to fall.

CNN - Andy Lipow, president of Lipow Oil Associates, said refineries were producing as much jet fuel and diesel as possible, increasing gasoline inventories.

CNN - Tom Kloza, an independent oil analyst and advisor to Gulf Oil, discussed refinery capacity losses and projected price changes.

CNN - ExxonMobil CEO Darren Woods told investors that the company had deferred refinery maintenance.

CNN - CNN polling found 87% of voters were at least somewhat concerned about high gas prices; six in 10 were “very concerned.”

CNN - A 2022 AAA survey found 59% of respondents would change their lifestyle or driving habits if gasoline reached $4 a gallon.

WHAT:

CBS News US - De Haan forecast gasoline would reach $3.75 a gallon by Thanksgiving.

NBC News - AAA data showed the nationwide average price for regular gasoline fell below $4 per gallon, the first time since July 20.

Bloomberg Markets - US gasoline prices dropped below $4 a gallon, offering consumers some relief while remaining elevated for the season.

CNN - The national average was about $4.01 per gallon early Monday, down about 14 cents from Election Day’s $4.15 and 36 cents—slightly more than 8%—from about $4.37 a month earlier.

CNN - Twenty-six states had average gasoline prices below $4; North Carolina was lowest at $3.26.

CNN - Gasoline prices fell about 10% over seven weeks; diesel prices fell about 5% from their $6.52 record, and spot jet fuel prices fell about 2%.

CNN - Kloza said 7 million barrels per day of refined-products capacity had been knocked out by drones or missiles and was unlikely to return soon.

CNN - Kloza said major oil companies privately described 2027 as “the mother of all refinery maintenance years.” He said gasoline could rise above $4 next spring.

WHY:

CNN - Seasonal factors—including the end of summer driving season and earlier darkness after the end of Daylight Saving Time—reduced driving and gasoline demand.

CNN - Strong demand for diesel and jet fuel kept refineries operating at high utilization, increasing gasoline production and inventories.

CNN - Fighting in Russia and the Middle East damaged refinery capacity, which Kloza said could keep gasoline above $3 even if a truce in Iran materialized.

CNN - Gas station owners may lower prices slowly when wholesale prices fall to recoup losses from earlier price increases.

HOW:

CNN - Refineries turn crude oil into multiple products, including gasoline, diesel, and jet fuel; increased production of diesel and jet fuel also boosted gasoline supplies.

CNN - Lipow said: “(Refineries are) operating at higher utilization than this time last year to make all the jet fuel and diesel fuel they can, and that makes gasoline really a byproduct, contributing to higher inventories.”

CNN - Kloza described the recent price decline as “still a feather, but it’s more of a wet feather,” referring to the industry maxim that prices rise “like a rocket” but fall “like a feather.”

(UPDATED November 10, 2026 09:59 UTC)

Gasoline prices have fallen below four dollars a gallon nationwide, easing pressure on drivers. Seasonal demand has weakened, while refineries produce more diesel and jet fuel, boosting gasoline supplies. Analysts expect prices to keep falling, though refinery damage could push them higher next spring.