According to tracking website GasBuddy, June 22, average US gas price fell $0.14 last week to $3.85 per gallon ($1.02 per liter). All states recorded downward fuel price trend: Colorado dropped $0.25 per gallon, Arizona and Ohio fell $0.2.
This is sixth consecutive week US gas prices fell, now about 15% lower than peak set last month.
Trend may ease pressure on US President Donald Trump and Republican lawmakers. They struggle to protect majority in Congress in November midterm elections, while facing consumer criticism over high living costs.
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People refuel at gas station in Georgia (US), March 2026. Photo: Reuters
Alex Hodes, analyst at StoneX, said falling gas prices will help cool inflation. However, he doubts energy flow through Strait of Hormuz will return to normal, warning of potential obstacles in coming months.
Yesterday, two small crude tankers passed through Hormuz, though Iran declared shipping route closed again last weekend. Vessel traffic through strait remains significantly lower than before conflict.
Patrick De Haan, head of petroleum analysis at GasBuddy, said risk of gas price spike is currently low, as some ships still pass through Strait of Hormuz. However, he warned situation could change quickly if US-Iran relations worsen again.
Additionally, gasoline supply could tighten due to refinery shutdowns and approaching Atlantic hurricane season. This would reverse downward price trend in US.
Last week, TotalEnergies shut down 238,000 barrel-per-day refinery in Texas after lightning strike caused power outage. Company expects to restart entire plant within 7 days. Meanwhile, on June 21, fire broke out at Marathon Petroleum's Galveston Bay refinery in Texas. Plant has capacity up to 631,000 barrels per day.