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Gas Prices Drop to $4.11, Sentiment Rises, Fed Holds Rates

6/13/2026

22 2 Full Breakdown

Summary

Story summary

National gasoline prices fell to $4.11 a gallon, giving lower-income Americans noticeable budget relief in early June.
The University of Michigan’s Consumer Sentiment Index rose to 48.9 in June while one-year inflation expectations fell to 4.6% and five-year expectations dropped to 3.4%.
Federal Reserve officials are expected to keep the benchmark rate at 3.50%-3.75% and drop the easing bias.

History

Historical Context

During the 1979 oil shock, OPEC cut output by about 5 million barrels per day, pushing U.S. gasoline to $1.00 a gallon—a 30 % jump from 1978. President Jimmy Carter had just begun deregulating domestic oil prices on April 5, 1979, after the 1973 embargo exposed U.S. reliance on foreign oil. The episode showed how volatile fuel costs can reshape consumer confidence, a pattern echoed in price relief.

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Story summary

National gasoline prices fell to $4.11 a gallon, giving lower-income Americans noticeable budget relief in early June.
The University of Michigan’s Consumer Sentiment Index rose to 48.9 in June while one-year inflation expectations fell to 4.6% and five-year expectations dropped to 3.4%.
Federal Reserve officials are expected to keep the benchmark rate at 3.50%-3.75% and drop the easing bias.

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