Gas Prices Could Fall to $3.65 Per Gallon

GasBuddy analyst Patrick De Haan says oil market losses after Republican midterm setbacks will start reaching pumps this week.

Updated on Nov. 5, 2026 in Oil and Gas

Gas Prices Could Fall to $3.65 Per Gallon

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Do you expect gas prices to fall noticeably in your area in coming weeks?

GasBuddy analyst Patrick De Haan projected the national average gas price could drop to $3.65 per gallon in the weeks ahead. Gas prices fell further on Thursday after the national average stood at $4.1003 per gallon on Wednesday.

Why it matters

De Haan said political pressure following Republican setbacks in Tuesday's midterm elections is putting downward pressure on oil prices, and those losses are expected to pass to pumps. Trump acknowledged steep gas prices played a role in the polls and stated gasoline costs were caused by Iran.

The national average gas price was $4.1003 per gallon and diesel was $6.2564 per gallon on Wednesday, with diesel down from $6.2875. GasBuddy projects gas could fall to $3.65 and diesel to $5.50 in the weeks ahead, though the source does not say how long oil market losses will last.

The players

Patrick De Haan

Patrick De Haan is an analyst at GasBuddy, a fuel-price tracking service known for its gas price forecasts.

Donald Trump

Donald Trump is the current President of the United States, who has commented on gas prices and U.S. oil supplies.

The details

De Haan said oil market losses will start passing on to pumps on Thursday and Friday, and gas prices fell further on Thursday. Separately, the U.S. reportedly carried out secret strikes on Iran's Qeshm Island, and Trump said the U.S. controls over 50% of the world's crude oil supplies.

Tuesday: Republicans suffered setbacks in midterm elections.
Wednesday, November 4, 2026: National average gas hit $4.1003 per gallon and diesel $6.2564 per gallon.
Thursday, November 5, 2026: Gas prices fell further as oil market losses began passing to pumps.
Friday, November 6, 2026: Oil market losses expected to reach pumps.

Market Dynamics

The projected decline comes as U.S. fuel prices are measured against AAA's national average tracking, which the source cites for the $4.1003 gasoline figure. The forecast reflects how geopolitical events in Iran and midterm political pressure are being priced into the retail fuel market.

If the projections hold, drivers could see gas fall from about $4.10 to $3.65 per gallon, and diesel could drop to $5.50, which would ease costs for commuters and freight-dependent household budgets. The timing of those declines depends on how quickly oil market losses reach retail pumps.

The takeaway

Drivers may see some relief at the pump in coming weeks, but the size and speed of any decline will depend on how oil markets respond to political pressure and the ongoing Iran conflict. Watching the national average over the next few weeks will show whether these projections materialize.

What happens next

De Haan said oil market losses are expected to pass to pumps on Thursday and Friday, with national gas projected to reach $3.65 per gallon in the weeks ahead.