U.S. Gas Prices Ease From Memorial Day High
The modest drop reflects softer holiday demand because analysts warn the Iran war and Strait of Hormuz risks could send prices back up.
Overview
- National average pump prices have fallen to about $4.46 per gallon after hitting a four‑year high over Memorial Day weekend.
- AAA data show the recent decline is roughly a ten‑cent drop from a week earlier and a few cents down day‑to‑day.
- Prices vary widely by state with Texas averaging about $3.96 per gallon and California near $6.09 while Indiana remains among the cheapest states.
- Market analysts link the spring spike and ongoing volatility to the war with Iran and threats to tanker traffic through the Strait of Hormuz, a key oil route.
- Higher year‑over‑year prices have raised consumer pain and prompted some states to consider tax relief while officials warn further Middle East disruptions would quickly push pump costs higher.