US gas prices fell further on Wednesday, with the AAA national average for regular gasoline at $3.9429 a gallon, down from $3.9788 on Tuesday and below $4 for a second straight day. The drop extends a slide of about 17 cents over the past week and roughly 38 to 39 cents over the past month, according to AAA data cited by the New York Post and NPR member stations.
The national average first slipped below $4 on Tuesday, its first time under that mark since July 20, AAA reported. Gasoline hit a recent peak of $4.50 a gallon on May 11 and a recent low of $3.77 on July 6, according to Energy Information Administration data. The decline follows easing oil prices as traders played down the prospect of imminent new strikes on Iran, and a slower monthly rise in gasoline costs in the October CPI report: up 1% in October after jumps of 9.1% in September and 3.9% in August, the Bureau of Labor Statistics said.
Diesel drivers get no relief
Diesel has not followed gasoline down. The national diesel average stood at $6.1306 a gallon on Wednesday, barely changed from $6.1572 on Tuesday, AAA reported. That gap matters: diesel powers heavy trucks and farm equipment, so stubbornly high diesel prices keep pressure on freight costs and food prices even as pump prices for cars fall.
The cheapest and priciest states
California remains the most expensive state at $5.71 a gallon, followed by Hawaii at $5.63, according to AAA state averages compiled by The Honest Local. North Carolina is cheapest at $3.24. Drivers planning Thanksgiving road trips should note the split: filling a car is getting cheaper, but anyone hiring a mover, ordering deliveries or buying groceries may still feel the diesel premium in prices.
The wider fuel picture is mixed. Premium gasoline averaged $4.871 a gallon on Wednesday and mid-grade $4.477, while E85, the ethanol blend, was $3.039, according to AAA data compiled by Prix Carburant. Regular gasoline is down 4.39% over the past month, but diesel is down only a fraction of that, and the gap between the two fuels is now more than $2.18 a gallon. For households, the practical effect is uneven: the family car is cheaper to run, but the delivery van bringing the shopping and the tractor harvesting the food still run on fuel that costs more than $6 a gallon.
Related reading: US Gas Falls Below $4 a Gallon for First Time Since July and What CPI Means for Your Wallet: Savings Rates Hit 4.35% in November
