Gas prices could soon dip below $4 a gallon. So why are fuel costs falling?

November 5, 2026 / 4:19 PM EST / CBS News

Motorists could soon see U.S. gasoline prices fall below $4 a gallon for the first time since July, according to energy experts.

Patrick De Haan, a petroleum expert at price-tracking firm GasBuddy, told CBS News that he expects the national average for gas, which the price-tracking firm put at $4.06 a gallon on Thursday, to dip below the $4 threshold by next week. He also predicted diesel could fall below $6 a gallon by Thanksgiving, he said.

Gas and diesel prices have both dropped in recent weeks. The decline was largely due to market expectations that the U.S. midterm elections would underscore public dissatisfaction with the war in Iran and increase pressure on the Trump administration to strike a deal ending the conflict, De Haan said.

"Oil prices have been falling in the run-up to the election," he said. "My read is because there was optimism that after the midterms these problems would be addressed."

Other factors are also putting downward pressure on fuel costs. Oil tanker traffic through the Strait of Hormuz has picked up, easing constraints on global oil supply, De Haan said.

Brent crude, the international benchmark…

Original source: https://www.cbsnews.com/world/