U.S. Gasoline Prices Decline Amid Global Crude Oil Drop

Gasoline prices across the United States continued a downward trend on Wednesday, with the national average falling for the 11th consecutive day to $4.123 per gallon. This decline coincides with a drop in global crude oil prices, with West Texas Intermediate falling to $92.19 per barrel and Brent crude dropping to $99.28.

In California, Gavin Newsom accelerated the transition to cheaper winter-blend gasoline by allowing sales to begin on September 28, bypassing the traditional November 1 start date. This move contributed to a significant price slide in Los Angeles and Orange Counties, where regular gasoline averaged $5.938 and $5.825 per gallon, respectively. These regions saw price decreases in 32 to 33 of the last 34 days.

Midwestern markets also saw reductions, with Iowa's average price for regular unleaded gasoline falling 17 cents from the previous week to $3.97 per gallon. Iowa's retail diesel prices similarly declined by 11 cents to a statewide average of $6.03 per gallon. Despite these recent drops, fuel costs in Iowa and California remain higher than they were one year ago, and prices across the country remain elevated compared to levels before the joint U.S./Israel war on Iran began on February 28.