Gas price tumble since May buys a Big Mac and fries

Going to fill a gas tank is a lot less painful than it was six weeks ago.

About 17% less expensive, thanks to the decline in gasoline prices that started in mid-May.

June ended with the U.S national average price at about $3.80 a gallon, according to GasBuddy data. It was $3.847 a gallon, according to AAA data.

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So, using $3.80 as a composite price, it means this:

• On May 16, when retail prices peaked at about $4.56 a gallon, a 15-gallon fill-up might have cost $68.50.
• The same fill-up now might cost $57, a savings of $11.
• But you might protest, “My fill-up cost $2.85 a gallon on Dec. 31, 2025.”

So, yes, you’re still spending $15 more than on that gas than you did in December. But $11 can go a long way. A loaf or two of bread. Several pounds of apples. A Big Mac with fries and a drink in Dallas.

Little things matter. And if my June 19 story suggesting gas prices could fall to $3.50 pans out, the situation will get better.

For those who want how things exactly changed, it’s this.

• For June, U.S. gas prices are down about 11%.
• For the quarter, the decline is about 6.4%.
• Light sweet crude oil, the benchmark crude, is still up 23% so far in 2026 at about $71 per 42-gallon barrel. It peaked at $119.48 a barrel on March 9, although retail prices continued to rise into May.
• Brent crude, the global benchmark, is still up about 20% from December’s $60.85 close. It also hit its peak on March 9 at $119.50.

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Maybe peace will prevail

The reason prices have fallen is the U.S.-Israeli war is not popular in the United States, and the President Donald Trump knows this and wants to end it. The terms being talked about are a cease-fire between the U.S. and Iran; Israel remains firmly opposed.

The bombing runs, the missiles and the drones will stop, so everyone hopes. And Iran may succeed at taking control of the Strait of Hormuz, through which 20% of the world’s oil flowed every day before the start of the war on Feb. 28.

Trump defended the memorandum of understanding the U.S. and Iran signed on June 17 because he wanted to avoid “economic catastrophe.”

The war was causing big problems and still has the potential to cause big problems. Oil supplies could get locked up because Middle East oil producers can’t ship their oil except by paying Iran for the right to pass the Strait. Farmers who depend on fertilizer produced in the Middle East have faced face huge cost increases.

Talks are supposed to start again

There was fighting over the weekend, but the U.S. and Iran have agreed to talk, maybe even on June 30 in Doha, Oman.

What they’ll talk about is really unclear. The Americans are looking for negotiations. The Iranians says they want to clarify the terms of the memorandum of understanding, The New York Times reported.

So, there remains lots of uncertainty, and that means where gasoline prices are headed next is also unclear.

So that forces me to offer a qualification about $3.50. It’s not certain yet.

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