Gas Prices Slam Household Budgets as Oil Costs Continue to Swing

The price of filling up at gas pumps has been a rollercoaster for American households in 2026. Regular gasoline averaged $2.96 a gallon in January, jumped to $4.65 in May, and then fell back down to $4.09 in July.

These fluctuations have added hundreds of extra dollars to household transportation budgets, money that could otherwise go toward groceries, utilities, debt, or savings.

The swings in gas prices follow the crude oil price fluctuations, which rose from an average of $60.04 a barrel in January to $102.13 in May before falling back down to $80.46 in July.