Gas prices have fallen to an average of $3.98 per gallon, marking the first time they have been below $4 since July 2026. This decrease occurs despite a 0.4% rise in the Consumer Price Index in October, driven by increased housing and grocery costs. Analysts expect prices to continue to decline, potentially reaching $3.75 by Thanksgiving. However, gas prices remain significantly higher than earlier in the year, reflecting ongoing economic pressures.
Key facts
- Gas prices averaged $3.98 per gallon as of November 10, 2026.
- The Consumer Price Index rose by 0.4% in October, exceeding expectations.
- Gas prices are approximately 30% higher than on February 28, 2026.
- Analysts predict gas prices could drop to $3.75 by Thanksgiving.
- The drop in gas prices is attributed to seasonal demand changes.
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