Gas Price Drops Below $4 Per Gallon After Midterms, As Trump Predicted
Gasoline prices dropped on Tuesday to below $4 per gallon for the first time since mid-July.
President Donald Trump had predicted multiple times going into the midterm elections that gas prices would fall after they were over.
The national average for a gallon of gasoline fell to $3.98 on Tuesday, down from $4.36 a month ago, according to AAA.
The organization reported that the price was $3.94 as of July 16.
The average price of a gallon of gas was $2.81 in January, before the military strikes against Iran commenced.
Gasoline prices in the U.S. are below $4 a gallon for the first time in nearly four months.
https://t.co/5rePZK8Hzq— CBS News (@CBSNews) November 10, 2026
Patrick De Haan, a petroleum expert at tracking firm GasBuddy, posted on X that he predicts that gas could fall to $3.75 by the Thanksgiving time window.
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the days of $4/gal gas nationally may be behind us for the time being… GasBuddy data showing $3.95/gal this morning, we could head toward $3.75/gal around Thanksgiving. 2026 has tallied 182 days over $4, compared to 157 days in 2022 and 47 days in 2008.
— Patrick De Haan (@GasBuddyGuy) November 9, 2026
Trump told reporters Monday that the Iran war “is effectively over” militarily, as his administration continues to negotiate with the regime and impose a naval blockade.
“I don’t guarantee anything, but if we do have to go back in, we are locked and loaded,” he added.
.@POTUS: “Iran, militarily, is effectively over. We’re just keeping it the status quo… I don’t guarantee anything, but if we do have to go back in, we are locked and loaded.” https://t.co/MZShGHTYUt
— Rapid Response 47 (@RapidResponse47) November 9, 2026
Joe Adamski, managing director of ProcureAbility, a supply chain consultancy, told the New York Post that gas prices could stay below the $4 level until the spring, assuming negotiations continue.
“Current forecasts show a potential floor of $3.60 to $3.65, so there is still some room to come down. Gas station markups are above normal at the moment, supporting some room for a downward shift,” he argued.
Rising energy prices have been a main driver of rising inflation in recent months, and the cost of living was a top issue in the midterm elections.
Iran spent the months since major combat operations ended last spring attacking shipping in the Strait of Hormuz and launching drone and missile strikes on the oil-producing countries in the Persian Gulf, which caused the price of oil to rise.
In September, before the midterms, Trump told reporters, “Right after the election, oil prices are going to be tumbling downward … and we’ll get them down.”
“Shortly after the election gas prices will come tumbling down because they’d like to have it that way.”
Gas prices were artificially inflated to hurt POTUS.
President Trump was right. Yet again. https://t.co/skUFVQU9dL
— Erikaaa (@ErikaCA47) November 9, 2026
He added, “I think for gasoline, we’ll get them below $2 per gallon.”
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