Why are gas prices dropping and how low will they go? Experts say several factors are driving the downward trend.

The national average for regular gasoline dropped below $4 per gallon this week for the first time since July, according to AAA.

The $3.94 average as of Wednesday afternoon was 18 cents lower than last week and more than 40 cents lower than a month ago, according to an analysis by our Get the Facts Data Team.

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Patrick De Haan, head of petroleum analysis for GasBuddy, predicts prices could fall to between $3.65 and $3.75 by Thanksgiving. Despite the drop, that would still be the highest fuel prices on record for the holiday, according to De Haan.

It comes after major midterm election losses for Republicans that party leaders have, at least in part, blamed on economic pain.

"Specifically, people really honed in on the price for fuel in this country," Senate Republican Leader John Thune told reporters on Tuesday. "I think that had a big impact on our candidates."

De Haan said a range of factors are driving the post-election drop, including typical seasonal trends.

"Americans are driving less as temperatures get colder. The switch over to cheaper winter gasoline is making the cost of fuel less," De Haan said.

Other factors include increasing oil traffic in the Strait of Hormuz and President Donald Trump's recent comments downplaying the likelihood of a military escalation in Iran.

"Iran, militarily, is effectively over. We're just keeping it the status quo," Trump said during a press briefing on Monday.

Ukrainian attacks on Russian oil refineries have also contributed to elevated fuel prices. Following U.S. mediated talks this week, Russia and Ukraine agreed to a prisoner exchange, but no major breakthroughs were announced on a longer-term deal to stop the fighting. The Trump administration's peace efforts continue as U.S. envoys are expected to meet separately with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy.

"Until there's some sort of definitive end to these two geopolitical situations, gas prices will likely remain elevated," De Haan said.