Gas prices sink as oil set for 20% drop — largest one-month decline since 2020
Gas prices are decreasing as oil prices are set to drop by 20% in May, marking the largest decline since 2020. The national average gasoline price has fallen to $4.39 a gallon, although it remains significantly higher than pre-war levels. Optimism surrounding a potential agreement to reopen the Strait of Hormuz is contributing to this decline, despite warnings from oil executives about tightening supplies.
- ▪National average gasoline prices have eased to $4.39 a gallon, down from a peak of $4.56.
- ▪Brent crude oil is on track for a 20% drop this month, while West Texas Intermediate crude has dropped 19%.
- ▪The White House confirmed a potential agreement to reopen the Strait of Hormuz, a key oil shipping route.
Opening excerpt (first ~120 words) tap to expand
Business Gas prices sink as oil set for 20% drop — largest one-month decline since 2020 By Taylor Herzlich Published May 29, 2026, 4:43 p.m. ET See more of our coverage in your search results. Add The New York Post on Google Prices at gas pumps are starting to sink and oil is on track to drop 20% in May — its largest one-month decline since 2020 — as investors remain optimistic that a deal to end the Iran war is near. As of Friday, national average gasoline prices had eased to $4.39 a gallon, according to AAA. That’s about 17 cents lower than the 2026 peak price of $4.56 a gallon – though it’s still nearly 50% higher than pre-war prices. Brent crude oil had fallen 1.3% to $91.51 a barrel as of about 2:50 p.m. ET Friday. The global benchmark was poised to fall about 20% from its 2026 peak.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at New York Post.
Discussion
0 commentsMore from New York Post
