NEW YORK (AP) — The average U.S. price for a gallon of gas fell below $4 on Thursday, hitting a level not seen since the first full month of the war with Iran and providing a bit of relief to consumers squeezed by soaring costs.
Although the tentative peace deal between the U.S. and Iran and the resumption of oil shipments through the Strait of Hormuz are pushing energy prices downward, the cost of gas is still much higher than before the war began on Feb. 28.
According to motor club AAA, a gallon of regular gasoline averaged $3.999 on Thursday. It was the first time since late March that prices were that low. And the drop aligns with easing crude oil costs overall, with markets expressing optimism in recent weeks about the prospect of a peace deal.
