The average US gasoline price fell by $0,14 last week, reaching $3,85 per gallon ($1,02 per liter) on 22/6, according to GasBuddy. All states saw downward fuel price trends; for example, Colorado's price per gallon dropped by $0,25, while Arizona and Ohio decreased by $0,2.

This marks the 6th consecutive week of declining gasoline prices in the US, which are now about 15% lower than last month's peak.

This development could ease pressure on US President Donald Trump and Republican lawmakers. They are working to defend their majority in Congress in the November midterm elections while facing consumer criticism over living costs.

People filling up at a gas station in Georgia, US in 3/2026. Photo: Reuters

Alex Hodes, an analyst at StoneX, stated that falling gasoline prices would help cool inflation. However, he doubted the return to normal energy flows through the Strait of Hormuz and warned of potential obstacles in the coming months.

Yesterday, two crude oil tankers passed through Hormuz, despite Iran's declaration late last week that it would close the shipping lane. Vessel traffic through the strait remains lower than before the conflict.

Patrick De Haan, GasBuddy's director of oil analysis, believes the risk of a gasoline price surge is not high, as some ships are still able to pass through the Strait of Hormuz. However, he cautioned that the situation could change quickly if relations between the US and Iran deteriorate again.

Furthermore, gasoline supply could tighten due to refinery shutdowns and the approaching Atlantic hurricane season. This would reverse the downward price trend in the US.

Last week, TotalEnergies had to shut down its 238,000 barrels per day refinery in Texas after a lightning strike caused a power outage. The company expects to restart the facility within seven days. Separately, on 21/6, a fire occurred at Marathon Petroleum's Galveston Bay refinery in Texas, which has a capacity of up to 631,000 barrels per day.

Ha Thu (according to Reuters)