Gas average falls below $4 a gallon for first time since July as oil prices slide

The national average price of a gallon of gas fell below $4 on Tuesday for the first time since July. The motor club AAA put the average at $3.98, the first time in 114 days that gas was under $4 ¹. NBC News, using AAA data, reported the last time was July 20 ².

The drop is welcome news for people on fixed incomes who have paid more at the pump since the Iran war began Feb. 28 ¹². Prices are still far above where they started the year.

Why prices are falling

Oil futures fell 13% last week. That was the biggest one-week drop in Brent crude, the global benchmark, since April 2020 ¹². Oil fell another 5% on Monday to its lowest level since Aug. 31, and it briefly dipped below $90 a barrel on Tuesday ¹².

The slide began after President Trump told NBC News he did not plan to attack Iran. It continued after Democrats won big in last week's midterm elections ². Markets bet that Democratic control of Congress would limit some of Trump's most economically disruptive policies, including the war ¹².

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Iran militarily is effectively over

Trump said that Monday at the White House, adding that U.S. naval and land blockades of Iran amount to a continuation of the existing situation ¹. He also said the military is ready to act if anything changes ².

What drivers are still paying

Gas is still up more than 30% since the war began and about 40% since the start of the year ². On Election Day the average was $4.14 ².

Prices vary widely by region. Most of the Northeast, except Rhode Island, and much of the West are still above $4. Nevada, California and Hawaii are close to $6, while most of the South is under $3.70 ¹.

Diesel, the fuel that moves food and goods by truck, train and ship, fell from $6.28 a gallon on Election Day to $6.15. It is still up more than 70% since January ². Economists say diesel costs can quickly spill over into grocery and store prices ².

The war and the vote

The Hill reported that Trump, Vice President JD Vance, Secretary of State Marco Rubio and other officials have acknowledged the war likely contributed to Republican defeats ¹. Vance wrote on social media after the results:

The reason we lost is the war

What could change

Analysts say the relief may not last. ING, a financial firm, said the oil sell-off "seems to be overdone" ². The U.S. strategic petroleum reserve, the government's emergency oil stockpile, holds its smallest amount of crude since 1982 and will need refilling, which could support prices ².

Citigroup analysts said the period before the new Democratic Congress is seated on Jan. 3 is a lame-duck window, when the White House could face fewer political limits. They said it could bring either faster deal-making or renewed escalation ². NBC reported Trump was briefed Friday on a narrow window for a possible new campaign against Iran, and no decision has been made ².

Iran's foreign minister, Abbas Araghchi, gave the U.S. an ultimatum on Sunday after Tehran sent a two-day proposal to end the conflict ¹. Iran's closure of the Strait of Hormuz, a waterway that carries roughly 20% of the world's oil exports, is what sent prices soaring ¹.

The Record

1. Feb 28, 2026The Iran war begins, and Iran effectively shuts the Strait of Hormuz ¹².
2. Jul 20, 2026The last day the national average gas price was below $4 before this week, according to AAA data ².
3. Nov 3, 2026Election Day: the national average for regular gas is $4.14 and diesel is $6.28 ².
4. Nov 10, 2026AAA puts the national average at $3.98, the first time under $4 in 114 days ¹.

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<h2>Gas average falls below $4 a gallon for first time since July as oil prices slide</h2> <p><em>By The GOP Files Kitchen-Table Desk. This article first appeared on <a href="https://thegopfiles.com/story/gas-average-falls-below-4-a-gallon-for-first-time-since-july-as-oil-prices-slide">The GOP Files</a> on Tuesday, November 10, 2026.</em></p> <p>The national average price of a gallon of gas fell below $4 on Tuesday for the first time since July. The motor club AAA put the average at $3.98, the first time in 114 days that gas was under $4 . NBC News, using AAA data, reported the last time was July 20 .</p> <p>The drop is welcome news for people on fixed incomes who have paid more at the pump since the Iran war began Feb. 28 . Prices are still far above where they started the year.</p> <h2>Why prices are falling</h2> <p>Oil futures fell 13% last week. That was the biggest one-week drop in Brent crude, the global benchmark, since April 2020 . Oil fell another 5% on Monday to its lowest level since Aug. 31, and it briefly dipped below $90 a barrel on Tuesday .</p> <p>The slide began after President Trump told NBC News he did not plan to attack Iran. It continued after Democrats won big in last week&#39;s midterm elections . Markets bet that Democratic control of Congress would limit some of Trump&#39;s most economically disruptive policies, including the war .</p> <blockquote><p>Iran militarily is effectively over</p><p>&mdash; Donald Trump, President, Republican</p></blockquote> <p>Trump said that Monday at the White House, adding that U.S. naval and land blockades of Iran amount to a continuation of the existing situation . He also said the military is ready to act if anything changes .</p> <h2>What drivers are still paying</h2> <p>Gas is still up more than 30% since the war began and about 40% since the start of the year . On Election Day the average was $4.14 .</p> <p>Prices vary widely by region. Most of the Northeast, except Rhode Island, and much of the West are still above $4. Nevada, California and Hawaii are close to $6, while most of the South is under $3.70 .</p> <p>Diesel, the fuel that moves food and goods by truck, train and ship, fell from $6.28 a gallon on Election Day to $6.15. It is still up more than 70% since January . Economists say diesel costs can quickly spill over into grocery and store prices .</p> <h2>The war and the vote</h2> <p>The Hill reported that Trump, Vice President JD Vance, Secretary of State Marco Rubio and other officials have acknowledged the war likely contributed to Republican defeats . Vance wrote on social media after the results:</p> <blockquote><p>The reason we lost is the war</p><p>&mdash; JD Vance, Vice President, Republican</p></blockquote> <h2>What could change</h2> <p>Analysts say the relief may not last. ING, a financial firm, said the oil sell-off &quot;seems to be overdone&quot; . The U.S. strategic petroleum reserve, the government&#39;s emergency oil stockpile, holds its smallest amount of crude since 1982 and will need refilling, which could support prices .</p> <p>Citigroup analysts said the period before the new Democratic Congress is seated on Jan. 3 is a lame-duck window, when the White House could face fewer political limits. They said it could bring either faster deal-making or renewed escalation . NBC reported Trump was briefed Friday on a narrow window for a possible new campaign against Iran, and no decision has been made .</p> <p>Iran&#39;s foreign minister, Abbas Araghchi, gave the U.S. an ultimatum on Sunday after Tehran sent a two-day proposal to end the conflict . Iran&#39;s closure of the Strait of Hormuz, a waterway that carries roughly 20% of the world&#39;s oil exports, is what sent prices soaring .</p> <p><em>Read the original, with every source linked, at <a href="https://thegopfiles.com/story/gas-average-falls-below-4-a-gallon-for-first-time-since-july-as-oil-prices-slide">thegopfiles.com</a>. Republished under The GOP Files' <a href="https://thegopfiles.com/republish">free republishing terms</a>.</em></p> <img src="https://thegopfiles.com/api/rp/gas-average-falls-below-4-a-gallon-for-first-time-since-july-as-oil-prices-slide.gif" alt="" width="1" height="1" style="border:0;width:1px;height:1px">

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Sources

1. The Hill, “Average cost of gas drops to less than $4 per gallon for first time since July” (2026-11-10). thehill.com/policy/energy-environment/6210134-average-gas-pr
2. NBC News, “Gas prices fall below $4 per gallon for the first time since July” (2026-11-10). nbcnews.com/business/energy/gas-prices-fall-4-gallon-oil-mar

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