Gas prices: Drop of nearly 60 cents per gallon in the last month
Gas prices in the United States have experienced notable fluctuations in 2026. Over the past month, the national average for a gallon of regular gasoline has decreased by nearly 60 cents, reaching $3.928. Despite this overall decline, there was a slight increase on a recent Wednesday from $3.926 to $3.928, marking the first rise since Memorial Day. earlier in the year, on May 21, gas prices hit a high of $4.564 per gallon,the highest of 2026 and the highest during President Trump’s terms.
Throughout the year, gas prices have shown considerable volatility, influenced by weather conditions, geopolitical tensions, and conflicts such as military operations and international negotiations. Such as, prices dropped below $4 per gallon for the first time since March but surged again due to geopolitical events like the Iran-U.S. peace talks and issues affecting the Strait of Hormuz, a key oil shipping route.
Regional differences are prominent, with the West Coast typically having the highest prices and the Midwest and South enjoying the lowest. Currently, Hawaii has overtaken California as the state with the highest average gas price at $5.539 per gallon, followed closely by California at $5.535. conversely, Indiana is the cheapest at $3.325 per gallon, with other affordable states including Texas, Oklahoma, Tennessee, and Louisiana.
gas prices remain unstable, affected by ongoing geopolitical and economic factors, with prices varying significantly across regions and fluctuating frequently throughout 2026.
The national average price for a gallon of regular gas has dropped nearly 60 cents over the last month, to $3.928 per gallon on Wednesday, according to AAA. The price drop at the pumps is a culmination of four straight weeks of falling fuel costs.
However, while gas prices have fallen by 60 cents per gallon, the national average price for a gallon of regular gas technically increased on Wednesday, rising ever-so-slightly from $3.926 on Tuesday. It marks the first time national gas prices have risen since around Memorial Day weekend. On May 21, two days before the weekend, gas prices reached a record high for the year, with a national average of $4.564 per gallon. That price was the highest national average cost for gas at any point during either term of President Donald Trump.
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Gas prices have fluctuated greatly in 2026, with fuel costs setting both a five-year low and a four-year high within just a few months. Issues ranging from weather-related concerns to geopolitics and war have affected gas prices in the country since the year began.
The national average price for a gallon of regular gas dropped to $2.79 on Jan. 12, 2026. This was the lowest national average gas price since 2021. Severe winter storms throughout the country caused gas prices to slightly rise in the subsequent weeks, with fuel costs returning to the $2.80-per-gallon range and eventually reaching $ 2.90 per gallon. On Feb. 28, Operation Epic Fury began, and the price of a gallon of regular gas rose to $2.98. Prices soared as the military operation commenced, ultimately reaching the aforementioned high of $4.564 per gallon.
Gas prices fell below the $ 4-per-gallon threshold on June 19 for the first time since the end of March. The decrease is largely attributed to ongoing discussions of a peace agreement between the U.S. and Iran and, with it, the opening of the Strait of Hormuz, the energy chokepoint through which approximately 20% of the world’s oil supply is shipped. Reports of the talks stalling could further affect gas prices and cause them to rise again if no resolution is reached.
Significant fluctuations in gas prices could continue in 2026. The instability of the gas market in the country has largely been the most stable thing about gas prices. One thing that has remained steady is that gas prices vary greatly by region. The states with the highest gas prices are on the West Coast, whereas the states with the cheapest gas prices are located in the Midwest and South.
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Hawaii has overtaken California as the state with the highest gas prices in the country on Wednesday at $5.539 per gallon, according to AAA. It is the first time in months that California has not had the highest gas prices in the country. The Golden State is next with a statewide average price slightly lower than Hawaii’s at $5.535 per gallon. This is followed by Washington at $5.30 per gallon. Next, is Alaska with a statewide average price of $4.952 per gallon, followed by Oregon at $4.803 per gallon.
Meanwhile, Indiana continues to have the lowest statewide average gas price in the country at $3.325 per gallon. Next is Texas at $3.376 per gallon. Oklahoma, which was once consistently the state with the lowest gas prices in the nation, fell to third in that category, with an average price of $3.433 per gallon. Tennessee follows with an average price of $3.465 per gallon, and then Louisiana with a statewide average of $3.511 per gallon.
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