quote:
The nation’s average price of gasoline has fallen 6.6 cents over the last week and stands at $4.45 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 up 41.0 cents from a month ago and is $1.32 per gallon higher than a year ago. The national average price of diesel fell 4.0 cents in the last week and stands at $5.571 per gallon.

“Average gasoline prices declined in 40 states over the last week as falling oil prices helped offset earlier price cycling in many markets, bringing relief to motorists after several states had already seen sharp increases,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Much of the decline came after renewed optimism surrounding a potential U.S.-Iran agreement pushed oil prices lower, easing geopolitical pressure on energy markets. In many states, that drop created breathing room after recent price cycles and allowed pump prices to fall again. While oil continued drifting lower over the weekend on hopes of a deal, new CENTCOM reports involving U.S. defensive strikes highlight how quickly the outlook could change. For now, motorists may continue to see some relief, but it remains too early to know how long the decline will last.”

quote:
In early Tuesday trade, WTI crude oil was down $4.02 per barrel to $92.58, below last Monday’s $98.37 level, while Brent crude rose $2.81 to $98.95 per barrel, also down from last week’s $104.36 starting point.

quote:
The EIA’s Weekly Petroleum Status Report for the week ending May 15, 2026, showed U.S. oil inventories fell by 7.9 million barrels and are about 2% below the seasonal average for this time of year, while the SPR fell 9.9 million barrels to 374.2 million barrels.

quote:
The states with the lowest average prices: Indiana ($3.90), Mississippi ($3.94), and Oklahoma ($3.95).

The states with the highest average prices: California ($6.07), Washington ($5.70), and Hawaii ($5.67).

Biggest weekly changes: New Mexico (-22.5¢), Colorado (-18.7¢), Indiana (-18.3¢), Michigan (-17.7¢), Florida (-17.4¢).

quote:
The states with the lowest average diesel prices: Oklahoma ($4.97), Texas ($4.98), and Louisiana ($4.99).

The states with the highest average diesel prices: California ($7.35), Hawaii ($7.16), and Washington ($6.70).

Biggest weekly changes: Colorado (-24.5¢), Michigan (-13.9¢), Hawaii (-13.7¢), West Virginia (-12.2¢), New Mexico (-12.0¢).

LINK

This is the largest week over week price drop in five weeks. It’s worth noting Indiana is the cheapest only because their Governor has suspended the state gas tax, which comprises of a 36 cent per gallon tax and a 7% sales tax.

I saw at one point yesterday WTI dropped below $90/bbl for the first time since about mid April before climbing back up.