Overview
- Energy analysts said on Thursday that gasoline is very unlikely to fall below $4 a gallon before the Nov. 3 midterm elections because current market pressures remain in place.
- The national average for a gallon of regular stands at about $4.27, according to AAA data, the first October average above $4 on record.
- Brent crude has climbed past $112 a barrel as attacks on shipping and oil facilities in the Middle East and lower Russian exports tightened global supply.
- Experts say damage to refineries, higher shipping and transport costs, and retailers selling through expensive inventory mean retail gasoline typically falls slowly even if crude eases.
- Higher pump prices are raising household costs for electricity and food and have become a key political issue as President Trump promises larger post-election cuts that analysts say are unlikely in the short term.