Facts
- Gas prices averaged $4.269 a gallon for regular gasoline nationally for the week of October 26, 2026, according to the U.S. Energy Information Administration. That is down 1.5 cents from the prior week and up $1.234 from a year earlier.
- AAA put its national average at $4.27 on October 22, up nearly $1.30, or 43%, since the Iran war began in February, according to ABC News. Prices may have moved since these readings.
- Brent crude rose above $112 a barrel on October 22, its highest since May and up nearly 60% since the war began, ABC News reported.
- Some analysts told ABC News that prices are unlikely to ease significantly before Election Day on November 3 and would likely stay above $4. These are the analysts’ opinions, not certainties, and the outlook covers only the next few weeks.
- Reasons cited for sustained high prices: Middle East fighting that damaged oil infrastructure, reduced Russian fuel exports during the Russia-Ukraine war, a shortage of refined fuel even though crude leaving the Strait of Hormuz is back at pre-war levels, and retailers selling fuel they bought at higher prices.
- Factors that could ease prices: fall usually brings lower demand after summer travel, and refineries switch to cheaper winter fuel blends. Tracking data from Kpler shows crude exports from the region have improved in recent weeks.
- A Middle East peace deal would eventually help, analysts said, but relief would likely come slowly and some oil infrastructure would need lengthy repairs.
- Voters list affordability as a top concern ahead of the midterm elections, ABC News reported.
Quotes
Patrick De Haan, petroleum analyst at GasBuddy, wrote on X: “Gasoline will not fall below $4/gal prior to the midterms.”
Denton Cinquegrana, chief oil analyst at Dow Jones Energy, answered “Short answer: No” when ABC News asked whether gas could fall below $4 by Election Day.
Source Read ABC News’s report here.
Image A Wawa gas station sign in Lecanto, Florida, cc0.
