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Consumer Watch: Election Results Rattle Oil Markets
Oil prices fell below $100 a barrel for the first time in a month following Tuesday's midterm elections, raising hopes that drivers could soon see some relief at the gas pump.
The election results sent markets lower Wednesday as investors reacted to the possibility of changes in U.S. policy and easing tensions involving Iran.
GasBuddy analyst Patrick DeHaan says the decline could lead to lower fuel costs. If the trend continues, he says the national average for regular gas could fall below $4 a gallon within a week, while diesel prices could drop below $6 by Thanksgiving.
However, prices remain significantly higher than before the conflict began. According to AAA, the national average for regular gas stood at $4.12 Wednesday, about $1.14 more per gallon than before the war with Iran.
High gas and grocery prices were also among the economic concerns voters said influenced their decisions at the ballot box.
DeHaan cautions that the election results do not immediately resolve geopolitical tensions that have driven oil prices higher. He says it could take several months for the national average to return to around $3 a gallon, where it stood before the conflict began.
By: NBC Palm Springs
November 5, 2026
oil pricesgas pricesmidterm electionsConsumer Watch
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