Oil set for biggest monthly drop in 6 years, bringing consumers some relief
Oil prices are experiencing their largest monthly decline in six years, providing some relief to consumers. The average price of gas has decreased by 17 cents since its peak earlier this month, although it remains significantly higher than pre-war levels. This drop in prices is largely attributed to optimistic signals regarding potential peace talks between the U.S. and Iran.
- ▪Crude oil prices are set for a more than 20% decline in May, the largest drop since 2020.
- ▪The average price of unleaded gas in the U.S. has fallen to $4.39 per gallon, still 47% higher than before the Iran war.
- ▪Costco reported record-breaking gasoline sales as consumers sought cheaper fuel options amid high prices.
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EnergyOil is set for its biggest one-month drop in 6 years, bringing consumers some reliefThe average price of gas fell 17 cents since its peak earlier this month, but it’s still 47% higher than it was at the start of the Iran war.Listen to this article with a free account00:0000:00People walk on the beach, with vessels in the Strait of Hormuz visible near the beach of Bandar Abbas, Iran, on May 22.Majid-Asgaripour / via ReutersShareAdd NBC News to GoogleMay 29, 2026, 11:36 AM EDTBy Steve KopackAs May’s final day of oil trading is underway, the price of crude is set for its biggest one-month decline in six years, delivering some relief to consumers at the pump and some optimism to investors hoping for an end to sky-high energy prices.Subscribe to read this story ad-free Get unlimited…
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