US Gas Prices Drop Below $4 for the First Time Since March
Tyunews.com – New York — The national average for regular gasoline dipped below $4 per gallon on Thursday, marking a significant shift after months of elevated costs. This milestone comes as the average price now stands at $3.999, according to the American Automobile Association (AAA). The decline is attributed to a recent agreement between the U.S. and Iran, which includes Tehran diluting its stockpile of highly enriched uranium and temporarily easing sanctions.
The pact, signed by President Donald Trump, aims to halt hostilities and initiate a 60-day period for finalizing a nuclear deal with Iran. While it grants the country immediate advantages, analysts note that the U.S. gains limited concessions in return. This development follows a 15% decrease in U.S. crude oil prices this month.
Regional Variations in Fuel Costs
Despite the national trend, price disparities persist across states. In California, the average remains at $5.64 per gallon, while South Carolina’s prices are significantly lower, at $3.58 per gallon. These variations highlight the uneven impact of market dynamics on different regions.
“Iran live updates: Trump lashes out at ‘stupid’ critics of Iran deal”
Analysts predict it will take weeks or months for oil shipments to resume through the Strait of Hormuz, which has been a critical route for global crude supplies. Before the conflict, the strait transported a fifth of the world’s oil, but disruptions have delayed the movement of hundreds of vessels trapped in the Persian Gulf.
Refineries, which commit to purchases months in advance, will not immediately adjust to cheaper crude, prolonging the effects of lower prices. The ongoing dispute has also disrupted supply chains for goods like fertilizer, food, and footwear. As a result, businesses anticipate sustained higher costs, urging consumers to prepare for continued price fluctuations.
