Gas prices: National average drops 56 cents in a month to $3.97 per gallon
Gas prices in the United States have continued to decline, with the national average dropping to $3.973 per gallon on Friday, marking the fourth consecutive week of decreases and a total decline of 56 cents over the past month. this is the first time as march that the average has been below $4 per gallon on back-to-back days. The decline is partly attributed to the signing of a peace deal between the U.S. and Iran, which resulted in the reopening of the Strait of Hormuz and reduced geopolitical tensions affecting oil supply. As of May 21, gas prices peaked at $4.564 per gallon, the highest for 2026, but have since decreased considerably.
Throughout 2026, gas prices have experienced substantial fluctuations due to weather, geopolitical issues, and military conflicts, with prices reaching both historic lows and highs within a few months. Early in the year, prices were as low as $2.79 per gallon on Jan 12, but surged to over $4 during military operations. The recent easing of geopolitical tensions and the reopening of key oil transit routes are expected to further decrease prices, although market volatility remains unpredictable.
Regionally, gas prices vary notably across the country: Indiana currently has the lowest statewide average at $3.38, followed by Texas at $3.482, and Oklahoma at $3.488.Conversely, California has the highest prices, averaging $5.612 per gallon, with Hawaii, Washington, Alaska, and Oregon also experiencing elevated prices. The overall market remains highly volatile, and future prices will depend on geopolitical developments and global oil supply dynamics.
The national average price for regular gas decreased again on Friday, dropping to $3.973 per gallon. It marked the fourth straight week that the national average price for a gallon of regular gas dropped in the U.S., and a 56-cent-per-gallon decrease in fuel costs over the last month.
Friday’s gas price is the first time the national average price for gas has been under $4 per gallon on back-to-back days since March. It comes as the United States and Iran signed a peace deal to end the military conflict between them. This includes the end of the blockades around the Strait of Hormuz, reopening the naval passageway for oil tankers. Friday’s pricing also marks a 59-cent decrease from May 21, when regular gas cost $4.564 per gallon, the record high for 2026, according to AAA.
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Gas prices have fluctuated significantly in 2026, with fuel costs setting both a five-year low and a four-year high within a few months. Everything from weather-related issues and concerns to geopolitics and war has affected the price of gas in the country since the year began.
On Jan. 12, 2026, the national average price for a gallon of regular gas was $2.79, the lowest price since 2021. Over the next few weeks, severe winter weather pushed gas prices back into the $ 2.80-per-gallon range and subsequently into the $ 2.90-per-gallon range. On Feb. 28, Operation Epic Fury began, and a gallon of regular gas averaged $2.98. Prices soared as the military operation commenced, ultimately reaching the aforementioned high of $4.564 per gallon.
Geopolitics again affected gas prices with the signing of the peace agreement between Iran and the U.S. this week. As the Strait of Hormuz opens, gas prices are predicted to drop even further. However, the unpredictable volatility of the 2026 gas market has been the most consistent thing about gas prices this year. Forecasts, predictions, and other analyses by politicians and fuel experts have been consistently inconsistent, incorrect, and unreliable. Ultimately, time will determine whether gas prices decrease or start to increase again.
One thing that has remained steady and will continue to do so is that fuel costs across the country tend to vary by region. One certainty, at least over the last three years, is that the states with the highest gas prices are on the West Coast. States with the most affordable gas prices have changed in recent weeks. After nearly two years in which Gulf Coast states had the nation’s lowest gas prices, the Midwest has now taken that distinction.
MORE THAN 12.5 MILLION BARRELS OF OIL CROSSED STRAIT OF HORMUZ OVERNIGHT, VANCE SAYS
Indiana has the lowest statewide average gas prices across the country, continuing a trend that started this spring. A gallon of regular gas in the Hoosier State on Friday averaged $3.38. Next is Texas with a statewide average of $3.482 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 $3.488 per gallon. South Carolina follows with an average price of $3.555 per gallon, and then Tennessee at $3.561 per gallon.
Meanwhile, Gavin Newsom’s California has the highest gas prices in the country. On Thursday, the Golden State had a statewide average of $5.612 per gallon of regular gas. Hawaii, quickly closing the gap with the Golden State, is next at $5.556 per gallon. This is followed by Washington at $5.399 per gallon. Next, is Alaska with a statewide average price of $5.019 per gallon, followed by Oregon at $4.892 per gallon.
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