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

CBS News · Mary Cunningham · 2026-11-05 21:19 UTC

Fuel prices have dropped in recent weeks amid hopes that the midterm elections would increase pressure on the U.S. and Iran to reach a peace deal.

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.

The average price was still at $4.06 early Friday, according to GasBuddy.

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