Update: gas falls below $4 for the first time since July, and a Thanksgiving drive costs $22 more than last year

Regular gasoline slipped under $4 a gallon nationally for the first time since July. CNBC reported the AAA national average at $3.979 on Tuesday, November 10, about 17 cents lower than a week earlier and about 39 cents lower than a month ago. The U.S. Energy Information Administration's weekly series shows the same turn: $3.995 for the week of November 9, down from $4.153 on November 2.

This updates our November 9 report, which used the November 2 reading.

The number behind the number

Source: EIA weekly retail gasoline prices, regular grade, U.S. average.

The one-week drop of $0.158 is 3.8%, and the total slide from September 28 is 10.5%. Two surveys, two slightly different numbers: AAA's $3.979 is a daily figure and EIA's $3.995 is a Monday survey, so do not expect them to match. Both say the same thing. What has not changed is the comparison with last year. EIA recorded $3.061 in Thanksgiving week 2025, so today's $3.995 is 30.5% higher. The highest Thanksgiving-week price in the EIA record since 1990 is $3.648 (2022), so even at today's lower price, this would still be the most expensive Thanksgiving week on file, unless pump prices fall roughly another 35 cents in two weeks.

What a drive costs now

Take a 600-mile round trip at 25 miles per gallon: 24 gallons. At $3.995 that is $95.88, against $73.46 at last year's $3.061, so $22.42 more (it was $26.21 more at the November 2 price). A 1,200-mile round trip, 48 gallons, is $191.76 against $146.93: $44.83 more. Compared with the November 2 price, the 600-mile trip is $3.79 cheaper.

Why it may keep easing

Wholesale fuel has fallen further than the pump. Our chart of RBOB gasoline futures shows them 30.0% below the April 30 peak as of today (last $2.64 a gallon on Yahoo Finance data). Retail prices follow wholesale with a lag, so another dip before November 26 is plausible. It is not guaranteed. The New York Post and Fox Business headlines tie the drop to a signal from President Trump that no Iran strikes are coming soon (we read the headlines, not the full articles); a reversal there could move crude and gasoline quickly.

What to do

• Driving: there is little reason to fill early. Fill when the tank needs it. Prices are trending down, but a rebound is possible.
• Flying: falling gas does not lower airfares. If you still need a ticket, price your route now and set an alert; see our fare-tracking guide and the latest TSA screening count.
• Renting a vehicle: prepaid fuel only pays if you will return the car nearly empty. Otherwise return it full.

Sources: U.S. Energy Information Administration (weekly retail gasoline prices, release of Nov. 10, 2026); CNBC (AAA national average); Yahoo Finance (RBOB futures, chart); earlier Chronicle reporting. Trip costs are Chronicle arithmetic at an assumed 25 mpg using national averages; your price and mileage will differ. This is market information, not investment advice.