Updated on May 26
The average regular gas price in the U.S. as of May 26 is $4.491 per gallon, according to AAA.
- One week ago: $4.533
- One month ago: $4.099
- One year ago: $3.179
Gas prices have subsided by a few cents but remain at their highest level in four years, according to AAA, as negotiators work to reopen the Strait of Hormuz.
Shipping movement through the Strait of Hormuz has been effectively frozen since the U.S. and Israel launched their attack on Iran on Feb. 28, leading to spiraling energy prices around the world. A ceasefire began on April 8 and has been extended indefinitely, but on-again, off-again negotiations have not yet yielded a breakthrough.
News of a partial deal to reopen the strait was trumpeted over the weekend, but details have not been announced and negotiations were set back after American forces struck Iranian targets Monday night.
State prices for a gallon of regular range from $3.893 in Indiana to $6.109 in California, according to AAA. On Feb. 28, the first day of the U.S.-Israeli attacks on Iran, the national average price of a gallon of regular gas was just under $3.
The text and charts below are fully updated weekly.
Since the U.S. and Israel launched strikes on Iran on Feb. 28, the widening conflict has roiled global energy markets, shaken investor confidence and pushed average gas prices up to their highest levels in four years.
Brent crude — the global benchmark — has moved sharply up and down with each new twist in the war, generally trading around $95 but spiking well above $100 per barrel at times. It traded below $70 as recently as mid-February and was below $80 when the conflict began. It marked the first time oil has traded above $100 since 2022, when Russia invaded Ukraine. If the war continues into the summer, oil could reach $200 per barrel, according to analysts from Macquarie Group, an investment banking company.
On April 14, the International Monetary Fund cited effects of the war as it cut its global growth forecasts for 2026, and warned that further escalation in the war could trigger “a close call for a global recession.”
The U.S., despite being the world’s largest producer of oil, can see gas prices rise in response to any shock to the world’s oil supply.
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What are gas prices like right now?
As of May 26, gas prices have levelled out after topping $4.50 nationally last week. Oil prices have fallen dramatically, to below $90 a barrel, but remain volatile.
Gas prices were below $3 in 39 states in February. As of May 26, all but six states have average prices above $4 a gallon.
Meanwhile, refineries have switched back to producing a summer blend, which is more expensive than the winter blend, which typically adds 10 to 15 cents per gallon.
The U.S. Energy Information Administration says the falling price of crude oil — accounting for half of retail gas prices — helped lower prices at the pump in 2025. On a monthly average basis, the price of Brent crude oil dropped from $79 per barrel in January 2025 to $63 per barrel in December 2025 — its lowest average monthly price since the start of 2021, according to the EIA.
Pump prices were stable over the summer and fell in the fall and winter, especially compared to recent years. Oil prices moderated at around $65 a barrel after spiking briefly in June 2025 in response to the Israel-Iran conflict, and were below $60 at the beginning of the year. They have risen sharply since the war began.
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Gas price inflation, explained
Gas prices surged in 2021 and 2022, largely due to two economic disruptions: pandemic-related supply shocks and then Russia’s invasion of Ukraine. The combination of the two hit energy markets hard and prices never recovered to pre-pandemic levels.
Here’s what happened:
- In 2019, before the pandemic, the average per-gallon price of regular gas was $2.601, according to EIA data.
- Following Russia’s invasion of Ukraine, the national average increased before peaking at $5.016 per gallon on June 14, 2022, according to AAA.
- Until the Iran invasion, gas prices had retreated, but hadn’t returned to pre-pandemic levels.
Why gas prices remain higher than they used to be
At this time of year, seasonal factors play a considerable role in raising gas prices. A scheduled switch to summer-blend gasoline temporarily elevates prices through the warm months. Inflation, supply-chain disruptions and gas tax hikes can factor into higher prices, as well. But in the end, elevated oil prices are the main culprit.
The cost of oil typically represents more than half of the cost of a gallon of gasoline, according to the U.S. Energy Information Administration (EIA). So, a major reason gas prices have remained so high is that, until recently, oil prices were higher than they were before the pandemic hit in 2020 and Russia invaded Ukraine in 2022. That’s based on the average monthly price of West Texas Intermediate crude, which is used as the benchmark for oil prices in North America.
For much of the year to date fuel costs had been lower than they were a year ago. That has changed dramatically in the last few weeks. Here’s how gas prices compare today:
As of May 26, the average regular gas price in the U.S. is $4.491 per gallon, according to AAA, which tracks gas prices.
- The price is down from $4.533 a gallon a week ago.
- The price is up from $4.099 per gallon a month ago.
- A year ago, the price was $3.179 per gallon.
Oil prices are still below their June 2022 peak of almost $120 per barrel.
Average gas price per state
The average gas price per state varies widely, with the most expensive state typically costing about $2 more per gallon of regular than the least expensive state.
(Photo by Joe Raedle/Getty Images)
