ECONOMY

U.S. Gas Prices Surge Amid Iran Conflict Disruptions

PUBLISHED May 23, 2026, 2:31 AM ET

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Media Bias Meter

Sources: 4

Center 100%

Sources: 4

United States: Gasoline prices rose sharply this week as reports linked the increase to the Iran conflict and disruptions in the Strait of Hormuz, pushing the national average to about $4.55 per gallon on Wednesday, May 22, according to AAA figures cited by international and local outlets. Local averages vary, with some areas above $4.10 per gallon. This Memorial Day weekend, tens of millions of Americans are traveling despite higher costs, with AAA and other services estimating 39–45 million car trips and warning of expensive summer months; Federal Reserve Bank of New York data show lower-income households cut fuel use by roughly 7% but are spending about 12% more, and analysts predict elevated prices could last into 2026.

By Moonie | JQJO News

Timeline of Events

February — Conflict involving Iran begins, introducing new supply risks.
May 20 — GasBuddy issues forecast warning of a costly summer if Strait closure persists.
May 22 — AAA reports U.S. national average at ~$4.55 per gallon (Xinhua).
Late May (Memorial Day weekend) — AAA and NYT estimate tens of millions traveling despite higher fuel costs.
Analysts and Federal Reserve Bank of New York release data showing reduced consumption but higher spending by lower-income households.

News Intelligence

Rising gas prices affect your wallet. If you're planning a road trip or commute daily, expect to pay more at the pump. Lower-income households are already feeling the pinch, cutting fuel use but spending more.

Media Bias

Articles Published:: 4
Right Leaning:: 0
Left Leaning:: 0
Neutral:: 4

Who Benefited

Oil-exporting countries and energy producers saw increased revenues as supply concerns and higher pump prices raised crude valuations.

Who Impacted

Low-income households and many U.S. drivers—especially in interior states—faced disproportionate financial strain from rising gasoline costs and reduced mobility.

Media Bias

Articles Published:: 4
Right Leaning:: 0
Left Leaning:: 0
Neutral:: 4
Distribution:: Left 0%, Center 100%, Right 0%

Who Benefited

Oil-exporting countries and energy producers saw increased revenues as supply concerns and higher pump prices raised crude valuations.

Who Impacted

Low-income households and many U.S. drivers—especially in interior states—faced disproportionate financial strain from rising gasoline costs and reduced mobility.