Overview
- The national average for regular gasoline fell to about $4.39 per gallon on Friday, May 29, a 16-cent drop over the prior week after peaking near $4.56 on May 21.
- Analysts say the spring surge and recent volatility were driven mainly by the war with Iran and shipping uncertainty around the Strait of Hormuz, and talk of a near-term deal helped push prices lower this week.
- Prices remain roughly $1.25 to $1.28 higher than a year ago, with wide regional gaps that leave states like California above $6 per gallon and several Gulf Coast and Midwest states below $4.
- Diesel is significantly higher and is squeezing trucking firms, which expect fuel surcharges to be passed to shippers and consumers over the coming weeks.
- Energy agencies and market analysts warn that reopening tanker routes, restoring production and rebuilding inventories will take months, so pump prices are likely to stay above pre‑war levels and remain vulnerable to renewed geopolitical shocks.