U.S. Gasoline Prices Drop Below $4 Per Gallon

The U.S. national average for regular gasoline fell to $3.94 per gallon on November 12, 2026, marking the first time prices have averaged below $4 since July. Prices have decreased by approximately 40 cents over the last month, driven primarily by Brent crude oil falling to roughly $90 a barrel. This decline follows increased oil production from OPEC and allies, including Saudi Arabia, as supply disrupted by the war with Iran returns to the market via Middle East pipelines.

Seasonal factors also contributed to the dip. The United States Environmental Protection Agency and the United States Department of Energy moved the switch to a cheaper winter gasoline blend to September 1. Analysts note that autumn typically sees lower demand and the completion of refinery maintenance. However, AAA reports that gasoline prices remain the highest they have ever been for this time of year, and experts warn that this Thanksgiving will likely be the most expensive on record for both gasoline and diesel.

Market analysts caution that pump prices have not dropped as quickly as wholesale costs. They warn that geopolitical tensions near the Strait of Hormuz, potential military escalation in Iran, or upcoming refinery maintenance in 2027 could trigger new price spikes in the early part of the coming year.