Paid $3.79 per gallon of regular yesterday. That's still $1.50 higher than before the war. I realize the price nver comes down aas fast as it goes up (gouging on both sides of the curve, but I do think if the prices does not crop back to where it was, or close to it, it will have an impact on the 2026 mid-terms.
Average gas prices are projected to continue dropping leading up to the November 2026
midterm elections
. Prices have already pulled back significantly from their May peaks due to easing geopolitical tensions.
We've all noticed that pump prices are not falling as fast as crude oil markets. Retail gas prices lag behind crude oil drops due to the
"rockets and feathers" effect. Prices shoot up like rockets when oil rises but drift down slowly like feathers when it falls. Refineries and stations are still clearing out more expensive inventory bought weeks ago, and station owners typically delay price cuts to recoup lost operating margins.
During the Biden administration (January 2021 – January 2025), the national average price of regular gas ranged from a low (due to Trump in office previously) about $2.39 per gallon & when he took office to a record high of $5.02 per gallon in June 2022. Overall, the average price during his entire term was approximately $3.45 per gallon. Many folks have forgotten that.
Additionally, the summer driving season requires a more expensive, evaporation-resistant fuel blend, which naturally keeps a floor under how low prices can go during the summer months.
