The average nationwide price for regular gasoline Tuesday fell below $4 per gallon for the first time since July 20, according to data from motor club AAA, NBC News reports.
The drop comes as oil prices have plunged, with President Donald Trump repeatedly playing down the prospect of renewed strikes on Iran, and pushing for progress between Russia and Ukraine in new trilateral talks.
Still, gas prices remain elevated by more than 30% since Trump and Israeli Prime Minister Benjamin Netanyahu launched the Iran war Feb. 28, and around 40% since the beginning of the year.
The drop in pump prices came after oil futures plunged 13% last week. For the global crude oil benchmark Brent, it was its biggest one-week percentage drop since April 2020, when the Covid pandemic began shutting down the global economy and demand for oil rapidly declined. Oil prices slid by another 5% Monday, to their lowest point since Aug. 31. And Tuesday, they briefly fell below $90 a barrel.
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