National Gas Prices Dip Below $4.00 Amid Crude Oil Optimism

The national average price for regular gasoline has fallen to $4.06 per gallon, according to recent data from the Energy Information Administration (EIA). This represents a decrease of three cents from the previous week's average and marks the beginning of the usual downward trend in gas prices as the fall semester approaches.

With half of states now paying below $4.00 per gallon on average, motorists can expect some relief at the pump. Crude oil prices have also dropped to around $70.00 per barrel, driven by optimism that the Strait of Hormuz will resume normal operations.

The EIA reports that gasoline demand decreased slightly last week from 9.04 million barrels per day to 9.03 million. Total domestic gasoline supply has also decreased, averaging 209.7 million barrels compared to 211.3 million barrels in the previous week.