- Gas prices have plummeted for the sixth consecutive week, with the national average for a gallon of gas reaching $3.86, a 53-cent decrease from one month ago.
- This decline is largely due to a recent U.S.-Iran framework agreement, which has helped ease supply fears and contributed to lower oil prices.
- Prices are projected to fall further to $3.75 per gallon by July 4, although this will still mark the second-most expensive Independence Day for gas since tracking began.
- Earlier, gas prices had surged significantly after the Trump administration's attack on Iran, which led to restricted petroleum shipping through the critical Strait of Hormuz.
- The previous rise in gas prices contributed to a national inflation rate increase, reaching a three-year high of 4.2 percent in May, and negatively impacted the president's approval ratings.
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