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US gasoline prices fell by 2 cents

2026-04-11 20:42:00, Kosova & Bota CNA

US gasoline prices fell by 2 cents

The average cost of a gallon of regular gasoline in the United States fell nearly two cents on Saturday to $4.14, according to data from AAA. That was the biggest daily drop since December 2023.

Oil futures contracts, which influence the price of gasoline, have fallen sharply since Tuesday's announcement of a two-week ceasefire in the Iran war and plans to reopen the Strait of Hormuz to oil tanker traffic.

But even though oil futures on Wednesday had their biggest daily drop since the height of the pandemic in 2020, it could take some time for retail gasoline prices to return to near pre-war levels. Analysts say it will likely take a week or two for the national average to fall below $4 a gallon, and months for it to fall to its pre-war level of $2.96 a gallon.

There is still uncertainty about whether the Strait of Hormuz has truly reopened and whether the roughly 20% of the world's oil locked in the Persian Gulf will flow back into global markets. That uncertainty pushed up oil futures in Thursday morning trading.

A short while ago, the US announced that two Navy ships are beginning the process of clearing mines from the Strait./CNA, translated by CNN





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