Gas prices in US drop below $4 per gallon for first time since March

The price of a gallon of gas fell below $4 in the United States for the first time since March, according to the average published by the American Automobile Association (AAA).

However, prices vary significantly from state to state. California once again tops the ranking of states where it costs the most to fill up a tank, with the price per gallon at $5.6420. Following closely behind, also above $5 per gallon, are Washington at $5.4360 and Alaska at $5.0420.

On the other end of the spectrum, Indiana is the state where gas is cheapest, at $3.3990 per gallon. Next is Texas, at $3.4930 per gallon, followed by Oklahoma, at $3.5080 per gallon.

A 15% drop over the past month

Prices reflect an average 15% drop over the past month, which became more pronounced following the signing of the agreement between Donald Trump and Iran—the memorandum of understanding intended to guide the Middle East toward peace.

However, they are still far from the $2.983 per gallon price before the start of the war, triggered by the airstrikes that killed Ali Khamenei and other prominent figures in the Iranian regime and prompted Iran’s response.

As for the markets, a barrel of West Texas Intermediate, the U.S. benchmark, costs $74.69. Meanwhile, Brent, the global benchmark, is trading at $78.14 following the signing of the agreement. Both are still far from the prices seen before the Middle East conflict, but they have also fallen from the highs reached during the height of the fighting, when prices exceeded $120.