Will gas prices keep falling? Experts weigh in
Summary
Gas prices in the U.S. have dropped by more than 13% over the past month, largely due to progress in negotiations between the United States and Iran to reopen the Strait of Hormuz for oil shipping. While prices are expected to continue falling in the short term, experts say the decline will slow down because oil demand remains strong.Key Facts
- The national average price of a gallon of gas is $3.92 as of June 22, 2026, down 62 cents (13.6%) from a month ago.
- Gas prices were below $3 per gallon in late February before the conflict involving Iran caused a major oil shock.
- The Strait of Hormuz was closed by Iran, affecting about 20% of the world’s oil supply and causing prices to rise.
- U.S. and Iranian officials are negotiating in Switzerland to reach an agreement to reopen the strait and allow toll-free commercial shipping for 60 days.
- Prices for West Texas Intermediate crude oil fell more than 20% to around $75.50 per barrel since last month.
- Some parts of the expected increase in oil supply are already reflected in current gas prices.
- Demand for gasoline remains high as countries refill oil reserves and people travel for summer vacations.
- Experts predict gas prices will keep falling for a few weeks but the rate of decline will slow over time.
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