U.S. gas prices drop below $4 a gallon

Gas prices break below four dollars

The U.S. average price for regular gasoline fell to three point nine seven eight eight dollars a gallon on November tenth, below four dollars for the first time since July.

Prices falling week on week

According to AAA, the national average is down about seventeen cents from a week ago and about thirty nine cents from a month ago.

Lower oil and seasonal factors help

Lower crude oil prices and normal seasonal weakness are easing pump prices. Bespoke Investment Group noted that gasoline prices tend to decline at this time of year.

“While lower oil prices have been a tailwind for the relief at the pump, it's also perfectly normal for gas prices to be falling at this time of year, so if they weren't, there would really be something wrong.”

Crude oil falls on Middle East hopes

International oil benchmark Brent crude briefly fell below ninety dollars a barrel for the first time since August as comments from U.S.

Fed warns on inflation persistence

Federal Reserve Governor Christopher Waller warned that energy shocks may have more persistent effects on inflation than before the pandemic, despite recent price declines.

“While I am pleased to see energy prices down from their high rates over the past week or so, they are still quite elevated relative to the start of the year, and the ultimate effect on inflation will depend on what levels are sustained.”