While gas prices aren’t at an exact 4-year low, they are quite close. On Truth Social, President Trump posted an image of himself with a caption inserted that said “Gas Prices Are At A 4 Year Low.”
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The average national gas price sits at $3.171 per gallon, down from $3.226 a week ago and $3.500 a year ago. Gas prices spiked higher following the start of the Israel-Iran war on June 13, although the conflict has since been resolved with gas prices settling below levels seen at the beginning of the war.
Lower Gas Prices Benefit Stocks
Lower gas prices equate to lower transportation costs for companies. Shipping, transportation, and manufacturing companies are especially sensitive to these prices.
Lower gas prices also allow consumers to buy other products and services with the money they save on fuel. On top of that, higher gas prices lead to higher inflation, which could influence the Fed to hike rates.
The July 4 weekend is just around the corner, meaning that families will be able to travel at a lower cost compared to last year. “Americans will spend ~$500 million less on gasoline this July 4 weekend (Thu-Sun) vs last year,” said GasBuddy head of petroleum analysis Patrick De Haan on X.
U.S. oil prices are down by about 21% year-over-year.
