The national average price for gasoline has dropped to $3.98 per gallon, its lowest point since July, as falling oil costs and reduced seasonal demand continue to ease pain at the pump. According to AAA data, prices have declined nearly 40 cents in the past month alone.
Analysts suggest the trend could accelerate further by Thanksgiving, barring unexpected geopolitical disruptions. “The national average could hit $3.75 a gallon,” said GasBuddy petroleum analyst Patrick De Haan, citing typical winter demand reductions for recreational vehicles and boats.
Trump’s Prediction Gains Traction
The slide follows former President Donald Trump’s September forecast that energy prices would decline after the midterms. “Right after the election, oil prices are going to be tumbling downward,” Trump had asserted, even suggesting gasoline could dip below $2 per gallon—a claim that remains far from current realities.
Trump linked his prediction to potential shifts in Iran’s geopolitical stance, arguing the nation couldn’t sustain prolonged conflict post-election. While no such resolution has materialized, other factors like the arrival of Venezuelan oil shipments to U.S. refineries—part of a new White House-brokered deal—have added to supply-side relief.
Diesel Follows Gasoline’s Lead
The reprieve extends to diesel fuel, with prices falling 13 cents per gallon over the past month. Despite these declines, both fuels remain significantly more expensive than a year ago, when gasoline averaged $3.07 and diesel $3.73.
October’s modest 0.7% rise in overall energy costs marked a sharp slowdown from September’s 5.2% spike, per federal data. Whether the downward trend continues may hinge on winter travel patterns and global oil market stability in coming weeks.
Source: www.dailywire.com — https://www.dailywire.com/news/trump-called-a-post-election-oil-plunge-and-gas-prices-are-getting-the-memo