National Average Gasoline Price Crashes Week over Week

quote:

---

The nation’s average price of gasoline has fallen 19.5 cents over the last week and stands at $4.26 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is down 17.8 cents from a month ago and is $1.18 per gallon higher than a year ago. The national average price of diesel fell 15.5 cents in the last week and stands at $5.437 per gallon.

“Average gasoline prices declined in all 50 states over the last week, with GasBuddy now tracking 15 states where the average price of gasoline has fallen below $4 per gallon, offering motorists some of the most widespread relief seen in weeks,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Much of the decline was driven by falling oil prices and the unwinding of recent price cycles, as growing optimism surrounding a potential U.S.-Iran agreement helped ease concerns over global oil supplies. Diesel prices also posted a substantial decline, falling more than 15 cents per gallon nationally."

---

quote:

---

While geopolitical tensions remain elevated, traders have gradually reduced some of the risk premium that had been built into crude prices earlier this summer. Expectations that key shipping routes would remain open and that negotiations could continue helped put downward pressure on prices despite ongoing uncertainty.

Even so, volatility remains a defining feature of the market. In early Monday trade, WTI crude oil was up $2.12 per barrel to $89.48 but remained below last Tuesday’s post-Memorial Day opening level of $92.58 per barrel. Brent crude was up $1.75 to $92.86 per barrel, also below last Tuesday’s $98.95 starting point.

---

quote:

---

The EIA’s Weekly Petroleum Status Report for the week ending May 22, 2026, showed U.S. oil inventories fell by 3.3 million barrels and are about 2% below the seasonal average for this time of year, while the SPR fell 9.1 million barrels to 365.1 million barrels. Gasoline inventories fell by 2.6 million barrels and are about 6% below the five-year seasonal average.

---

quote:

---

The states with the lowest average prices: Indiana ($3.66), Texas ($3.76), and Oklahoma ($3.77).

The states with the highest average prices: California ($5.99), Washington ($5.66), and Hawaii ($5.55).

Biggest weekly changes: Colorado (-33.9¢), Florida (-33.8¢), Ohio (-29.2¢), Michigan (-26.4¢), Kentucky (-25.0¢).

---

quote:

---

The states with the lowest average diesel prices: Oklahoma ($4.79), Texas ($4.82), and Louisiana ($4.87).

The states with the highest average diesel prices: California ($7.27), Hawaii ($7.03), and Washington ($6.62).

Biggest weekly changes: Colorado (-31.8¢), West Virigina (-25.4¢), Florida (-23.3¢), North Dakota (-22.1¢), Maryland (-21.6¢).

---