U.S. gas prices fall below $4 a gallon

U.S. gas prices fell below $4 per gallon last week for the first time since March, according to motor club AAA data. The national average reached $3.93, down 13 percent from $4.52 a month earlier.

market signals Oil prices fell more than 1 percent Wednesday, extending weekly losses and trading near four-month lows. U.S. crude closed at $73.21 Tuesday, $6.19 above the level recorded the day before military action began in late February. That price represents a drop of more than 36 percent from the April peak.

The decline followed reports that additional oil tankers were preparing to exit the Strait of Hormuz.

political stakes Higher fuel costs earlier in the year added between less than $20 and more than $300 per month for drivers who refuel twice monthly, according to an NBC News analysis of AAA figures. The current average remains 71 cents above the level recorded one year ago.

Officials expressed hope that continued traffic through the Strait will sustain the downward price trend while final negotiations proceed.