American Oil and Gas Association President Tim Stewart discusses the potential impact of Democratic energy policies on the Texas oil industry. Stewart weighs in on proposed gas tax suspensions and regulatory changes. Gasoline prices fell Tuesday to their lowest level since July, with the national average price falling below $4 a gallon for the first time in months. Data from AAA showed the national average price fell about 3 cents per gallon from Monday’s report, and the average fell to $3.97 per gallon on Tuesday. Gasoline prices have fallen about 17 cents per gallon over the past week, and about 39 cents from a month ago, according to AAA data. CONSUMER INFLATION RISING FASTER THAN EXPECTED IN OCTOBER, CPI REPORT SHOWS Gas prices remain volatile and hit their lowest level since July on Tuesday, according to AAA data. (M. Scott Brauer/Bloomberg via Getty Images) The price drop comes as refiners have switched to winter gasoline blends that generally cost slightly less than summer blends, which can be sold at gas stations starting in mid-September. Winter weather tends to put fewer drivers on the roads, which can reduce fuel demand and contribute to a downward trend in prices, and AAA noted that gas prices can drop between 10 and 30 cents per gallon during the winter months. MANAGER GRANTS $480 MILLION LOAN TO GULF OF AMERICA OIL AND GAS PROJECT Refineries have switched to winter gasoline blends that tend to be slightly cheaper than summer gasoline blends. (Sharon Steinmann/Bloomberg via Getty Images) Consumers have faced higher gasoline prices for much of this year during the war in Iran, which has disrupted the flow of oil from the Middle East through the Strait of Hormuz and in turn limited supplies for refineries to convert crude oil into gasoline. Gasoline prices reached a recent high of $4.50 per gallon on May 11, 2026, and then declined to a recent low of $3.77 per gallon in July. CEO warns high diesel prices could trigger ‘vicious cycle’ of rising food prices The Iran war has disrupted the flow of oil from the Middle East to global markets, driving up prices. (Giuseppe Cacace/AFP via Getty Images) Ongoing tensions in the Middle East contributed to a rise in gasoline prices as summer turned to fall, with the national average reaching $4.47 per gallon on Sept. 21, 2026. The Bureau of Labor Statistics on Tuesday released the Consumer Price Index for October, which showed gasoline prices rose 1% last month, a much slower increase that followed monthly jumps of 9.1% in September and 3.9% in August. CLICK HERE TO DOWNLOAD THE FOX NEWS APP
