Gas prices kept falling on Thursday, with the national average for regular gasoline dropping to $3.91 a gallon, according to AAA, as cheaper crude oil and the switch to winter-blend fuel continue to bring relief at the pump. Diesel also eased, slipping to just under $6.10 a gallon, though truckers and farmers are still paying far more than they did a year ago.
AAA put the national average for regular at $3.908 on Thursday, November 12, down from $3.943 the day before and down about 45 cents over the past month, when the average stood at $4.356. Diesel averaged $6.098, down from $6.131 on Wednesday. Mid-grade gasoline averaged $4.44 and premium $4.83, according to the auto club.
First Time Below $4 Since July
The slide below $4 is the first time the national average has sat under that mark since July 19, according to AAA data reported this week. Prices have now fallen for nearly two weeks, tracking a drop in crude oil prices as traders bet on a diplomatic resolution to the conflict in the Middle East and as Gulf oil flows steadied. Brent crude settled below $90 a barrel on Tuesday for the first time since August, according to CNBC.
The Energy Information Administration reported a similar trend in its own weekly figures, with gasoline averaging $3.995 for the week of November 9, down 16 cents from the week before, and on-highway diesel at $6.127, down 17 cents, according to FleetOwner. The two measures use different survey methods, but both point the same way: down.
Thanksgiving Could Bring Cheaper Fill-Ups
Analysts say the relief may not be over yet. GasBuddy analyst Patrick De Haan said some stations in 14 states could sell gas under $3 a gallon by Thanksgiving, and the national average could fall to around $3.75 by the holiday if no geopolitical shock intervenes, according to NPR. Diesel is expected to fall more slowly, and De Haan said it should drop under $6 by Thanksgiving.
For drivers, the timing matters. Yesterday’s average of $3.94 already marked a milestone, and today’s fresh drop extends the streak. But the picture is still mixed: a year ago, regular gasoline averaged about $3.08 a gallon and diesel about $3.76, according to AAA, so today’s prices remain roughly 83 cents and $2.34 higher respectively. And the wider cost of living has not eased in step. Consumer prices rose 0.4 percent in October from September, according to the Labor Department, with housing and food among the main drivers. For now, though, the pump is one of the few places where the monthly bill is actually shrinking.
