Business, Finance & Tech
Oil Prices Fall Below $100 a Barrel as Midterm Results Raise Hopes for Lower Gas Prices
Oil prices have fallen below $100 a barrel for the first time in a month, raising hopes that drivers could soon see some relief at the gas pump.
The decline followed Tuesday's midterm elections, as investors reacted to Democratic victories and the possibility that a change in political leadership could help ease tensions involving Iran.
The conflict, which began with U.S. and Israeli strikes against Iran in February, has contributed to a sharp increase in oil and gasoline prices.
GasBuddy analyst Patrick DeHaan says the recent drop in oil prices could translate into lower prices for consumers. He says the national average for regular gasoline could fall below $4 a gallon within the next week if current trends continue. Diesel prices could also drop below $6 a gallon by Thanksgiving.
But prices remain significantly higher than before the conflict began. AAA reported that the national average for regular gasoline stood at $4.12 a gallon Wednesday, about $1.14 higher than before the war.
For many Americans, rising gas prices and the cost of everyday necessities have been major concerns. Voters interviewed in the report cited gasoline, groceries and increasing household bills as ongoing financial pressures.
DeHaan cautions that the election results do not immediately change geopolitical conditions or guarantee continued declines in oil prices.
He says it could take several months for gasoline prices to return to around $3 a gallon, the national average before the conflict with Iran began.
For now, drivers may see some relief in the coming weeks, but the direction of prices will depend heavily on what happens in the global oil market.
By: NBC Palm Springs
November 5, 2026
oil pricesgas pricesgasoline pricesIran conflictmidterm elections 2026GasBuddyPatrick DeHaanAAA gas pricesdiesel pricesConsumer Watchenergy markets
Link Copied To Clipboard!
Latest Instagram Posts
50
Watch the Palm Springs Pride Parade LIVE this Sunday at 10 AM on NBC Palm Springs’ Facebook and YouTube channels! Join hosts Thalia Hayden and NBC Palm Springs News Director David Reese for all the parade excitement, live from Palm Springs. Can’t make it in person? Celebrate with us online! Livestream sponsored by @DAP Health #PalmSpringsPride #PrideParade #NBCPalmSprings
23
Honor our veterans and get moving at the 3rd Annual Indio Veterans Day 5K & 10K Run! Join the community Wednesday, November 11, at the Empire Polo Club for a morning of fitness, fun and recognition of the men and women who have served our country. Register now and save $10 on your registration fee with promo code NBCUniversal. See you at the starting line! #Indio #VeteransDay #VeteransDay5K #VeteransDay10K #CoachellaValley #NBCPalmSprings
60
CNN’s Annie Grayer goes inside a ballot-counting center in Mississippi as absentee ballots are counted. Democratic candidate Scott Colom and the state’s incumbent Republican Senator Cindy Hyde-Smith are locked in a razor-thin Senate race following Tuesday’s election.
802
🚨 TWO DISTURBING CRIME CASES IN THE COACHELLA VALLEY. A Palm Desert woman accused of beating her husband to death with a flagpole is expected back in court this morning. Vicky Kim, 65, faces a murder charge after her husband was found dead outside their home at the Enclave condominiums. PLUS: A weekend stabbing in downtown Palm Springs leads to an attempted murder arrest. Police say 38-year-old Francisco Elias stabbed a man in the neck and upper body following two altercations before fleeing in a white Mercedes. The victim has been released from the hospital, and Elias is now behind bars. 🚔 Get the latest on both cases. #CoachellaValley #PalmDesert #PalmSprings #CrimeNews #BreakingNews #LocalNews
23
☕️ Social Time with Thalia & Jerry. Will you go to the pride parade this year?
87
After the Democrats flipped control of both the House and the Senate, victorious candidates celebrated their historic wins in victory speeches across the country.
147
Democrat Keisha Lance Bottoms is the first Black female governor in US history.
624
In July, Lorenzo Salgado Araujo was killed in Houston by an Immigration and Customs Enforcement agent in a traffic stop as part of a “targeted operation,” ICE said. Voters are now leaving their “I Voted” stickers at his memorial site.
77
The Cathedral City Hot Air Balloon Festival, presented by Agua Caliente Casinos, returns November 20–22, 2026, for a weekend of hot air balloons, live music and entertainment. Saturday, November 21: 6:30 PM – Robin Thicke performs live. 7:45 PM – Festival drone light show. Tickets and more information at www.cchotairballoonfest.com. #CathedralCity #HotAirBalloonFestival #RobinThicke #AguaCalienteCasinos #CoachellaValley #PalmSprings #DroneLightShow #NBCPalmSprings
31
☕️ Social Time with Thalia & Jerry. Do you do your holiday shopping early or late?