US Gas Prices Soar Toward Record Territory Amid Global Fuel Disruptions
Gas prices in the United States are climbing rapidly, pushing the national average close to its highest level of the year. According to AAA, the current national average for regular gasoline is about $4.47 a gallon, up more than 40 cents from last month and nearly 17 cents from just one week ago.
The current average is less than 10 cents below the 2026 high of $4.56 set on May 21. Energy economist Ed Hirs warned that $5 gas nationwide is now a possibility, with individual markets facing even higher prices if fuel shortages develop. 'We'll have spot shortages across the United States,' Hirs said. 'We could see some pricing well in excess of $6 a gallon, $7 a gallon for gasoline (in some areas).'
Ongoing disruptions in the Middle East, including problems moving crude through major shipping routes and damage to Saudi oil infrastructure, are contributing to the price increases. Despite a decline in crude oil prices on Friday, Brent crude settled around $104.87 and U.S. West Texas Intermediate around $100.30.
The effects of these disruptions could last much longer than the end of the conflict with Iran, Hirs noted. 'Even if it were over today, the interruption in oil production and refinery operations in the Middle East truly means that we won’t see a return to a pre-war market situation for at least a year.'