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US Gas Prices Drop to $4.09; Summer Forecast at $3

4/17/2026

40 4 Full Breakdown

Summary

Story summary

Gas prices in the United States average $4.093 per gallon, the first weekly decline since February.
The decline follows price increases tied to the ongoing military conflict involving the United States, Israel, and Iran.
Treasury Secretary Scott Bessent remains optimistic and predicts prices could fall to about $3 per gallon by summer.
Secretary of Energy Chris Wright cautions prices may rise before the November elections, especially in California.

History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo on nations supporting Israel during the Yom Kippur War, causing U.S. oil prices to surge nearly 300%. This crisis led to significant shifts in U.S. energy policy, including the creation of the Strategic Petroleum Reserve. Today, gas prices reflect ongoing volatility influenced by geopolitical tensions, echoing the challenges of the 1970s.

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Story summary

Gas prices in the United States average $4.093 per gallon, the first weekly decline since February.
The decline follows price increases tied to the ongoing military conflict involving the United States, Israel, and Iran.
Treasury Secretary Scott Bessent remains optimistic and predicts prices could fall to about $3 per gallon by summer.
Secretary of Energy Chris Wright cautions prices may rise before the November elections, especially in California.

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