economy
Gas prices drop below $4 per gallon for first time since March
The national average price for regular gas dropped again on Thursday, falling below the $4-per-gallon threshold to $3.999, according to AAA. It marked the fourth straight week that gas prices in the country have decreased. Fuel costs have dropped 52 cents per gallon over the last month. Thursday’s gas price decrease comes the day after the United States and Iran signed a memorandum of understanding to end their military conflict and reopen the Strait of Hormuz.
TL;DR
- National average gas price fell to $3.999 per gallon, below the $4 threshold.
- This is the fourth consecutive week of declining gas prices, with a 52-cent drop over the last month.
- The decrease follows a US-Iran memorandum of understanding to end military conflict and reopen the Strait of Hormuz.
- Gas prices reached a 2026 record high of $4.564 on May 21.
- The unpredictability of gas prices in 2026 has been a consistent factor.
- Fuel costs vary by region, with West Coast states having the highest prices and the Midwest currently having the lowest.
- California has the highest statewide average gas price at $5.642 per gallon.
- Indiana has the lowest statewide average gas price at $3.399 per gallon.