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U.S. average gas price falls below $4 a gallon
AAA said the national average for regular gasoline was $3.9788 on Tuesday, the first time it has been under $4 since July, CNBC and CBS News reported.
- NPR and ABC7 New York are now reporting this
- New headline Was: “U.S. gas prices fall below $4 for the first time since July”
- Our desk filed its story
- New headline Was: “Gas prices slip below $4 a gallon for first time since July”
- CNBC is now reporting this
The U.S. average price for regular gasoline fell below $4 a gallon on Tuesday for the first time since July, according to AAA figures cited by CNBC and CBS News1,2.
AAA put the national average at $3.9788 on Nov. 101,2. CNBC said that was down about 17 cents from a week earlier and nearly 39 cents from a month earlier1. CBS News said the average was down from $4.56 a gallon earlier this year2.
The two reports used the same AAA reading and the same July comparison but stressed different parts of the decline1,2. CNBC led with the week- and month-ago moves and with oil-market context1. CBS News led with why pump prices often ease after summer2.
CNBC said the drop followed slower energy inflation in October, citing Bureau of Labor Statistics figures, and a retreat in crude oil1. It said Brent crude briefly fell below $90 a barrel on Tuesday and cited ING as estimating Persian Gulf crude exports at about 80% to 85% of prewar levels1. Bespoke Investment Group, quoted by CNBC, said it is normal for gas prices to fall at this time of year1.
CBS News said prices have fallen in recent weeks as filling stations switch from summer-blend gasoline to cheaper winter blends2. It said federal rules require stations to sell a summer blend, designed to limit evaporation, from June 1 to Sept. 15, and that outside that window stations may use a winter blend that is cheaper to produce2.
CBS News said that switch coincides with weaker demand as people take fewer road trips and vacations in colder months2. It cited AAA as saying gas prices often fall by about 10 to 30 cents a gallon during the winter months for that reason2. It also said global oil costs had dipped amid hopes that the midterm elections could open the door to a U.S.-Iran deal to end the war2.
Patrick De Haan, a petroleum analyst at tracking firm GasBuddy, said fuel prices should continue to ease into the Thanksgiving holidays, CBS News reported2. CNBC's account, as published, did not include that outlook or the blend-rule explanation1.
Neither report, in the portions available, listed state-by-state averages or said how long the national figure would remain under $41,2.
Sources
How it’s being reported
4 sources
U.S. gas prices fall below $4 for the first time since July
The week-over-week and month-over-month drop in the AAA national average.
CNBC reported AAA's national average at $3.9788 on Tuesday, down about 17 cents from a week earlier and nearly 39 cents from a month earlier.
Leaves out Federal summer-blend rules, GasBuddy's Thanksgiving outlook, and CBS's $4.56 earlier-this-year comparison.
Gas prices slip below $4 a gallon for first time since July
Why prices often fall in the fall, including summer-versus-winter gasoline blends.
CBS News cited the same AAA figure and attributed the recent decline to winter-blend fuel and weaker seasonal demand, plus a GasBuddy forecast of further easing into Thanksgiving.
Leaves out The 17-cent weekly and 39-cent monthly declines, BLS energy inflation, and ING's Gulf-flow estimates highlighted by CNBC.
Gas prices dip below $4 but inflation remains stubbornly high
Leads with a figure in the headline.
Gas dips below $4, but inflation remains stubbornly high
The inflation print, New Jersey pump prices, and AAA's explanation for cheaper fuel.
WABC reported October consumer prices rose 0.4% and that AAA put the national gas average below $4 for the first time since July 19.