US gas prices near 2026 peak with weeks to go before midterms
The national average for regular gasoline reached about $4.46 per gallon on Friday, according to the figures provided by AAA Gas Prices website, just 10 cents below the year's high of $4.56, recorded on May 21.
US gasoline prices are nearing their yearly peak, heightening strain on American consumers as the November midterms approach and the Iran conflict continues to disturb global energy markets. On Friday, September 18, the national average for regular gasoline stood at approximately $4.46 per gallon, just 10 cents shy of the year's high of $4.56, recorded on May 21, according to AAA Gas Prices website.
The price is also nearing the record national average of around $5.01, reached in June 2022 following Russia's invasion of Ukraine.
Recent data from AAA indicates the national average at $4.44 per gallon on September 17, marking a nearly 50% increase from the level prior to the Iran war. The surge is notably significant in certain states. California boasts the highest average in the nation, around $6.11 a gallon, while Michigan, Utah, and Illinois are also close to the $5 mark.
This price hike has occurred as crude oil prices have risen due to disruptions from the conflict involving the US, Israel, and Iran. Brent crude recently surpassed $100 a barrel, while uncertainty surrounding the Strait of Hormuz has added to concerns about global supplies. Moreover, diesel prices have also surged to around $6.40-$6.44 per gallon, impacting critical industries like trucking and agriculture.
Fuel price inflation is dominating the cost-of-living narrative ahead of the 2026 US midterm elections. President Donald Trump has previously suggested oil prices would plummet post-election and pledged gasoline could eventually dip below $2 a gallon. However, current market conditions offer limited immediate relief. The Strait of Hormuz, a vital route for global energy shipments, remains a central concern in supply disruptions.
Continued strife could sustain elevated crude and refined-fuel prices, even if US domestic production remains robust. For American households, higher gasoline prices directly escalate driving costs, while elevated diesel prices can trickle into food and other consumer expenses.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
