U.S. gas prices just fell below $4 for 1st time since March. They're still 25% higher than last year
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U.S. Gas Prices Drop Below $4 for First Time Since MarchGas costs averaged $3.999 as of June 18, 2026, still 25% above last year despite a new U.S.-Iran agreement easing tensions.
- U.S. average gasoline prices fell below $4 per gallon for the first time since March 2026, reaching $3.999.
- This decline followed a U.S.-Iran deal signed by President Trump that requires Iran to dilute enriched uranium and lifts certain sanctions.
- Despite a 15% drop in crude oil prices this month, gas prices vary significantly across states, with California averaging $5.64 and South Carolina $3.58 per gallon.
- Resumption of oil flow through the Strait of Hormuz is expected to take weeks or months due to blocked shipping and reduced production by Gulf producers.
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generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil
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U.S. gas prices just fell below $4 for 1st time since March. They're still 25% higher than last year
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Key FactsUS Gas Prices Fall Below Four Dollars After Months
Aug 11, 2022 · Reading time: ~45 sec.
Summary created with AI assistance · Source: jalopnik.com
Summary created with AI assistance · Source: jalopnik.com
- AAA reported the national regular-gas average had fallen 21 percent from the June 14 record.
- Diesel averaged $5.08 per gallon, 74 cents below its June 19 record of $5.82.
- The EIA recorded weekly gasoline demand at 8.54 million barrels daily, down from 9.25 million previously.
- Hawaii had the highest regular-gas average at $5.39, while Texas recorded the lowest at $3.49.
Oil is the primary ingredient in gasoline, so less expensive oil is helpful in taming pump prices. Couple that with fewer drivers fueling up, and you have a recipe for gas prices to keep easing. It's possible that the national average will fall below $4 this week.— Andrew Gross, AAA spokesperson; explains factors affecting gas prices and forecasts that the national average could fall below $4 this week.
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