Gas prices: Second consecutive week day in which prices dropped

Published May 12, 2026 6:26am ET | Updated May 12, 2026 8:43am ET



The national average price for a gallon of regular gasoline dropped on Tuesday to $4.504. It marks the second consecutive day this week that gas prices have decreased, after a string of days earlier this month when fuel costs soared to yearly highs.

During this time last week, the national average price for a gallon of regular gas increased by 30 cents over seven days, going from $4.176 to $4.483. And while still more expensive than a week ago, and a month ago when the national average price was $4.125, Tuesday’s fuel costs are headed in the right direction for consumers. Moreover, today’s fuel prices are lower than the year-to-date high of $4.56 per gallon, set last week, according to AAA.

Before this week’s drop in the national average price for regular gas, fuel costs had increased every day for over two weeks.

Gas price fluctuations are nothing new in 2026, as the national average has ranged from below $2.80 per gallon to over $4.50 per gallon this year. Since gas prices fell to $2.79 per gallon on Jan. 12, a five-year low, fuel costs have gradually risen, as mentioned above. Initially, winter weather nationwide was blamed for rising fuel costs, as snowstorms in January and February disrupted oil refinery operations and production. However, fuel prices began to soar after the Iran war began.

During the first week of March, a gallon of regular gas increased to $2.98. By March 31, the national average price of regular gas had risen to $4.02 per gallon. Gas prices had previously reached a 2026 high of $4.16 per gallon on April 9. As a result, soaring fuel costs have been a frequent topic of discussion, with Democrats blaming President Donald Trump’s choice to go to war with Iran as the primary reason gas prices are high. 

Tuesday’s national average gas pricing decrease came after President Donald Trump suggested suspending the federal gas tax “for a period of time.” Trump touted the suggestion during an interview on Monday. 

“I think it’s a great idea,” Trump said about the temporary reprieve from the tax. “Yup, we’re going to take off the gas tax for a period of time, and when gas goes down, we’ll let it phase back in.”

The president does not have the authority to suspend the gas tax, and any such action would require congressional approval, despite Trump’s remarks. It would also be a reduction of, at most, 18.4 cents per gallon, as that is the cost of the tax. 

Despite the turbulence at the pumps over the last month, gas prices in the country tend to vary by region. Currently, the most expensive gas prices in the nation are located in the western U.S., while the cheapest gas prices are found in states in the Gulf region. 

TRUMP CALLS TO PAUSE FEDERAL GAS TAX IN BID TO EASE PRICES AT THE PUMP

California has the most expensive gas prices in the country at $6.153 per gallon. This is followed by Washington state at $5.766 per gallon. Next is Hawaii, with a statewide average price of $5.64 per gallon, and then Oregon, with an average price of $5.33 per gallon. Alaska rounds out the top five states with the highest gas prices in the nation, with an average price of $5.262 per gallon. 

Conversely, Oklahoma remains the state with the lowest gas prices in the country at $3.943 per gallon. After its very brief reign last week of being the state with the lowest gas prices in the country, Mississippi is next at $3.984 per gallon. This is followed by Louisiana at $3.998 per gallon and Texas at $4.011 per gallon. Arkansas is the state with the fifth-cheapest gas in the U.S., with an average price of $4.013 per gallon.