GAS NEWS | May 6, 2026
Gas prices near $5 a gallon as Strait of Hormuz stays blocked
The national average price for a gallon of regular gas hit $4.483 on Tuesday. That is up from $2.98 on February 26, two days before the Iran war began. Gas prices have climbed over 50% in about 2 months.
The Strait of Hormuz, a waterway that carries roughly a fifth of the world’s oil supply each day, has been effectively closed since late February. Before the war, around 120 ships passed through it daily. Last Monday, just 4 did.
How high gas prices could go
J.P. Morgan analysts warned that gas could reach $5 a gallon if the strait stays blocked through mid-April. Andy Lipow, president of Lipow Oil Associates, put it plainly: “If the Strait remains closed another month, we will be at $5.00 per gallon.”
Diesel has already moved faster. The diesel price per gallon stood at $5.659 on Tuesday, about 15 cents below an all-time record. A year ago, diesel cost $2.13 less per gallon.
J.P. Morgan also noted that every 10-cent rise in gas prices adds more than $12 billion to annual household spending on fuel. A sustained price near $5 per gallon would cost consumers about $100 billion more this year.
State-by-state picture
California has the most expensive gas in the country. The state average was $6.131 on Tuesday. In Mono County, a rural part of California, prices topped $7 per gallon.
Oklahoma had the cheapest gas at $3.897. Georgia briefly held that spot after Governor Brian Kemp suspended the state’s 33-cent excise gas tax in March. That suspension runs through May 19.
The Great Lakes states saw the steepest price jumps. Illinois, Ohio, Michigan, and Indiana are hovering just under $5 per gallon. GasBuddy analyst Patrick De Haan cited refinery outages in the Midwest as a factor, though he says those issues have improved.
Oil markets and supply efforts
Brent crude jumped 5.8% on Monday to $114.4 a barrel, its highest close in 2026. West Texas Intermediate also climbed above $105 before pulling back slightly on Tuesday.
The U.S. government released 17.5 million barrels from the Strategic Petroleum Reserve between late March and late April to ease prices. Seven OPEC+ members also agreed Sunday to raise production by 188,000 barrels per day starting in June.
President Trump launched a plan called “Project Freedom” on Monday, deploying more than 100 aircraft and 15,000 service members to “guide” ships through the strait. Markets didn’t respond with price drops. Four ships crossed Monday, compared to 120 or more before the war.
Iran’s state media warned Tuesday that oil facilities in the UAE could face attacks if the U.S. attempts to bypass Iran in the strait. Hapag-Lloyd, one of the world’s largest shipping companies, told NBC News its risk assessment remains unchanged.
When prices might fall
Trump has said gas prices will “drop like a rock” once the war ends. Analysts say a faster-than-expected fall would more likely signal a recession than a resolution, because lower demand from an economic slowdown would push prices down before any real supply relief arrives.
Even after the strait reopens, energy analysts at Kpler estimate it could take up to 3 months for stranded ships to clear, damaged facilities to be repaired, and fuel inventories to be rebuilt before prices meaningfully ease.
Gas cylinder and home gas connection: what to know now
Rising gas prices hit households through more than the gas pump. Gas cylinder costs have moved higher as global supply tightens. Consumers with a gas connection for cooking or heating are seeing higher monthly costs, and shortages have been reported in some regions.
If your household depends on a gas cylinder or maintains a gas connection, keeping supply consistent matters more right now than waiting to see if prices ease. Lock in your gas supply before further price adjustments hit.
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