{"id":1737,"date":"2026-06-18T17:34:15","date_gmt":"2026-06-18T17:34:15","guid":{"rendered":"https:\/\/coloradospringsmoverss.com\/?p=1737"},"modified":"2026-06-18T17:34:15","modified_gmt":"2026-06-18T17:34:15","slug":"us-gas-prices-fall-below-4-for-1st-time-since-march-but-still-25-higher-than-last-year","status":"publish","type":"post","link":"https:\/\/coloradospringsmoverss.com\/?p=1737","title":{"rendered":"US gas prices fall below $4 for 1st time since March, but still 25% higher than last year"},"content":{"rendered":"
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Getting your Trinity Audio player ready…<\/strong><\/div>\n
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By MICHELLE CHAPMAN, AP Business Writer<\/strong><\/p>\n

NEW YORK (AP) \u2014 U.S. gas prices fell below $4 a gallon on average Thursday, but just barely.<\/p>\n

Read more Sports betting is changing the game for Colorado\u2019s fans and athletes as big money adds new pressures<\/a><\/p>\n

It is the first time since March that the average cost for a regular gallon has been that low. Prices fell overnight after President\u00a0Donald Trump\u00a0signed an agreement with Iran that calls for Tehran to dilute its\u00a0stockpile of highly enriched uranium\u00a0and waives U.S.-backed\u00a0sanctions on the country.<\/p>\n

Gas prices are at $3.999 on average in the U.S., according to motor club AAA. The drop below $4 follows a 15% decline in the price of U.S. crude this month.<\/p>\n

But fluctuations in gas prices remain across the country. In California, gas prices are averaging $5.64 per gallon, while in South Carolina it\u2019s $3.58 per gallon.<\/p>\n

The agreement between the U.S. and Iran calls for a permanent end to hostilities and starts a 60-day negotiating clock to reach a final deal on the future of Iran\u2019s nuclear program, though Trump left the door open to resume attacks. It appears to offer Iran several benefits up front while extracting little in return.<\/p>\n

Oil prices fell Monday to\u00a0about $80\u00a0for a barrel of U.S. benchmark crude. That compares to $67 per barrel before the war and the price of over $120 a barrel reached earlier in the conflict.<\/p>\n

Read more What sport does Colorado bet on the most?<\/a><\/p>\n

Even as gas prices start to decline, it is anticipated to take\u00a0weeks or months\u00a0for oil to start flowing through the Strait of Hormuz again.<\/p>\n

\n<\/div>\n

Before the war, the strait carried a fifth of the world\u2019s crude oil. Now, it will take time for hundreds of ships trapped in the Persian Gulf to exit through the narrow strait. And Gulf oil producers that throttled back production will need time to get the oil moving again. Analysts also say ship captains may take their time to decide if passage is safe and that the threat of attack\u00a0from Iran\u00a0has truly receded.<\/p>\n

In addition, refineries typically pay for crude oil a month or more in advance, so even after oil prices drop, they\u00a0won\u2019t immediately\u00a0be processing cheaper products.<\/p>\n

Fighting over the\u00a0Strait of Hormuz\u00a0disrupted not only supplies of crude and refined fuel but also the supply chains for fertilizer, food and even footwear. Businesses expect higher costs to linger, which means their customers might need to prepare for that too.<\/p>\n

Read more Colorado\u2019s gamble on sports betting<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Gas prices are just below an average of $4 a gallon nationwide on Thursday, shortly after President Donald Trump signed a deal with Iran.<\/p>\n","protected":false},"author":1,"featured_media":1736,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-1737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"yoast_head":"\nUS gas prices fall below $4 for 1st time since March, but still 25% higher than last year - Colorado Springs Moverss<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coloradospringsmoverss.com\/?p=1737\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US gas prices fall below $4 for 1st time since March, but still 25% higher than last year - 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