QUICK SUMMARY: Gas prices hit $4.51 per gallon as of May 17, up 44% from a year ago and 53% from the day before U.S. and Israeli forces struck Iran in February. The Strait of Hormuz is still closed. The Department of Energy does not project a return to normal until 2027. Congress has not passed any relief on the gas price increase.
Gasoline was $2.98 a gallon on February 27, 2026. The next day, strikes on Iran began. The Strait of Hormuz, the waterway carrying one-fifth of the world’s oil supply, shut down within days. The subsequent gas price increase was framed as a short-term consequence of a short-term conflict. Stay patient, Washington said. It will end fast.
It has not ended. As of May 17, AAA reported that the national average sits at $4.51 per gallon, a 53% increase from the day before the conflict began and the highest average since 2022. This means that every state has seen double-digit year-over-year increases, according to a LendingTree analysis.
Filling a 14-gallon tank this Memorial Day weekend will now cost $63. Last Memorial Day, the same fill-up cost $44.50. “I thought when I retired that it would be alright, but we’ve cut back as far as we can,” a 68-year-old semi-retiree told CNN this month. He is now considering returning to work part-time to cover fuel costs for routine doctor appointments.
He is not alone. A late-April Fortune poll found 44% of American adults have cut back on driving and 34% have changed their travel or vacation plans because of pump prices. According to a Numerator consumer survey updated May 5, 72% of drivers have also cut spending in other categories, including groceries, dining out, and entertainment to absorb the cost.
The International Energy Agency has described the Strait of Hormuz closure as the largest supply disruption in the history of the global oil market, and JPMorgan warns that the risk of $5 gasoline can no longer be dismissed.
What Did Washington Promise About High Gas Prices, and What Are They Saying Now?
The spike in gas prices has led to a notable shift in how Washington talks about fuel costs. Sen. John Kennedy of Louisiana said in November 2021, when the national average was $3.41, that everyday people “can’t afford to pay 50% more to fill up their gas tanks.” When asked this month what Congress planned to do about a $4.54 average, his answer was: “There’s nothing we can do.” When a reporter pressed further, Kennedy replied, “You need to try adulting real hard,” patted the reporter on the back, and ended the interview.
Rep. Mike Lawler of New York ran a 2024 campaign ad saying gas had “gone through the roof” at $3.19 a gallon. In March 2026, at $3.41, he told CNN that eliminating the nuclear threat from Iran was “absolutely worth it.” House Majority Leader Steve Scalise told CNBC last month that Americans should remember paying “almost $6 a gallon” two years ago. The CNBC anchor on the call pointed out that the number was not accurate.
This week, Transportation Secretary Sean Duffy released a five-part road trip reality series on YouTube, encouraging Americans to explore the country this summer. YouTube commenters called it “going on a foodie tour during the Great Depression.”
The only legislative response on the table is a proposed federal gas tax holiday that would cut 18 cents per gallon from the current price, bringing it to roughly $4.33. As of today, it has not passed.
Gas Prices 2026: When Will They Come Down?
Gas prices 2026 have tracked a consistent pattern: brief dips when ceasefire news breaks, followed by renewed climbs when talks stall.
There is one development worth watching. On May 17, NBC News and Axios reported that the U.S. and Iran may be approaching a deal. Wholesale gas prices dropped 5% on the news. A signed deal, however, won’t mean immediate relief at the pump. Crude oil must be processed, refined, and distributed before any price reduction reaches your local station. That lag runs weeks, not days.
Previously, President Donald Trump said that high gas prices would “drop like a rock” once the conflict ends. The Department of Energy’s current projection puts normalization in 2027. Meanwhile, this year’s summer driving season will peak in July. For drivers filling up this Memorial Day weekend, the current gas price increase has no confirmed end date, no passed legislation behind it, and no mechanism currently in place that can lower the number on the sign at the pump.
Still going with that planned Memorial Day weekend trip? Washington is debating an 18-cent gas tax holiday that hasn’t passed. A peace deal in Iran could take weeks to reach your pump. In the meantime, the Department of Energy says properly inflated tires can improve fuel economy by up to 3%. At current prices, that adds up every time you fill up. A portable tire inflator lives in your trunk and pays for itself quickly.
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Frequently Asked Questions
What’s causing high gas prices right now?
The U.S.-Israeli conflict with Iran began on February 28 and shut down the Strait of Hormuz, a waterway carrying roughly 20% of the world’s oil supply. That disruption pushed the national gas price average from $2.98 to $4.51 per gallon in about 10 weeks. The IEA called it the largest oil supply disruption in the history of global energy markets.
How much more does it cost to fill up a tank now compared to last Memorial Day?
Filling a standard 14-gallon tank costs about $63 at the current $4.51 national average. Last Memorial Day, the same fill-up cost roughly $44.50. That is an increase of about $18.50 per tank, or roughly $74 more per month if you fill up four times.
Will gas prices 2026 finally come down before the summer driving season peaks?
Possibly, but not quickly. A potential U.S.-Iran deal was reported May 17 and wholesale prices dropped 5% on the news. Even if a deal closes, refinery processing and distribution mean pump prices take weeks to respond. The Department of Energy does not project a return to pre-conflict price levels until 2027.
Is Congress doing anything about the gas price increase?
A gas tax holiday suspending the 18-cent federal tax has been proposed and publicly backed by Trump and some Republican lawmakers. It has not passed. Sen. John Kennedy, when asked what else Congress could do, said: “There’s nothing we can do.”
What is the Strait of Hormuz, and why does it affect U.S. gas prices?
The Strait of Hormuz is a narrow waterway between Iran and Oman that carries roughly 20% of the world’s oil supply. When it closed following the February 2026 conflict, that single chokepoint removed a fifth of global supply from the market, triggering the price surge American drivers are now absorbing at the pump.
What would a gas tax holiday actually save me?
The proposed federal gas tax holiday would suspend the 18-cent-per-gallon federal excise tax. At the current $4.51 average, that brings your pump price to approximately $4.33. On a 14-gallon fill-up, you would save about $2.52. The proposal has not passed as of this publication date.
How will a U.S.-Iran deal actually bring gas prices down?
A deal reopens the Strait of Hormuz to oil tanker traffic, which gradually restores global supply. But crude oil still needs to be extracted, shipped, refined, and distributed before the savings appear at your local pump. That process typically takes several weeks minimum.
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