AAA reported Friday, May 8, 2026, that the U.S. national average for a gallon of regular unleaded gasoline reached $4.546 — up roughly 25 cents from $4.30 a week earlier and from $4.05 two weeks ago. The reading caps the second consecutive week with a 25-cent national gain — the kind of pace last seen in the immediate aftermath of major refinery disruptions. Pump prices are now $1.40 higher than at the same time a year ago, and at their highest level since 2022, when the national average peaked at $5.01 per gallon.
The continued retail climb is happening even as crude oil prices have pulled back sharply. WTI closed Friday at $95.42 and Brent at $101.29 — both down more than 6% on the week as markets priced in the U.S.-Iran 14-point memorandum talks. The disconnect reflects the multi-day lag between wholesale crude pricing and retail pump prices. Refiners are working through inventory acquired at the May 4 highs of $105 WTI / $114 Brent; that crude shows up at the pump 1–2 weeks later. Friday’s settle of $95 WTI will not show at retail until late next week at the earliest.
Regional variation continues to widen. California is averaging above $6.16 per gallon, the highest in the nation. The District of Columbia sits at $4.63, Connecticut $4.62, and Hawaii $5.65. The lowest-priced states — Mississippi, Oklahoma, Louisiana — remain below $4.20 but are climbing fast. Tennessee crossed $4 last week for the first time since July 2022 and continues to climb. The Midwest spike that began with the Indiana refinery issue continues to ripple: Michigan $4.86, Illinois (anchored by Chicago) near $5.10, Ohio above $4.40.
The structural backdrop is more concerning than the headline number. U.S. gasoline inventories have fallen for 12 consecutive weeks. Distillate fuel stocks have declined for nine weeks straight. EIA reports crude inventories fell another 2.3 million barrels last week to 457.2 million barrels — about 1% above the five-year average. Refiners are running flat-out to capture record gasoline crack spreads, but rising gasoline demand combined with a 12-week inventory drawdown means the supply cushion is approaching critical levels in some regions.
Diesel and middle distillates are even tighter. The U.S. diesel average sits at $6.24 per gallon. Heating oil futures fell to $3.96 with crude, but distillate stocks remain near multi-year lows. Rural agricultural states — whose economies depend heavily on diesel for trucking, farming, and rail — remain particularly exposed. The diesel-to-gasoline price differential is among the widest since 2022, signaling tight middle distillate supply globally even as gasoline cracks widen.
AAA spokeswoman Megan Cooper said the 25-cent weekly jumps reflect “the lagged pass-through from earlier crude price surges combined with strong spring travel demand.” AAA is forecasting continued price pressure into the Memorial Day weekend regardless of how the U.S.-Iran memorandum talks proceed in the next two weeks, because the inventory cushion is too thin to absorb expected demand growth.
The political pressure is rising in tandem. Several state-level proposals to suspend gasoline taxes are in active discussion. The Trump administration has not yet announced any Strategic Petroleum Reserve releases beyond what was authorized earlier in the conflict. The next AAA reading is expected Monday May 11. The next EIA weekly inventory report is due Wednesday May 13. For continuing coverage, see our U.S. gas prices dashboard and live oil prices.