Gas Prices May 2026

Current gas prices have experienced significant volatility over the past year, with a major spike in early 2026 followed by a sharp decline in recent weeks. While prices peaked above $4.00 per gallon in March 2026 due to Middle East tensions, the national average has since dropped to approximately $3.45 as supply routes stabilized.

Gasoline pricing is determined by a complex mix of global and local factors. According to the American Petroleum Institute , crude oil is the single largest driver, typically accounting for of the final retail price. GAS PRICES

: The cost to process crude into usable gasoline varies between $0.40 and $0.70 per gallon, often shifting with seasonal fuel blends. often shifting with seasonal fuel blends.