Drivers across the country are getting a break at the gas pump, with prices falling for the sixth week in a row and now sitting 15% below their peak from May, according to new data released Monday.
The national average dropped 14.1 cents per gallon over the past week, landing at $3.85 per gallon on Monday, based on figures from price-tracking service GasBuddy.
The declines were widespread across the country. Colorado saw one of the sharpest drops, with prices falling 25 cents per gallon in just one week. Arizona followed with a 22-cent drop, and Ohio saw a 21-cent decrease, GasBuddy reported.
The falling prices could take some political pressure off President Donald Trump and fellow Republicans, who are fighting to maintain slim majorities in Congress heading into November’s midterm elections. High consumer prices have been a source of criticism for the party.
StoneX analyst Alex Hodes said the price decline should help ease inflation. However, Hodes cautioned that expecting energy flow through the Strait of Hormuz off the coast of Iran to return to normal is a “large assumption,” and that setbacks could emerge in the months ahead.
While two smaller crude oil tankers did pass through the Strait of Hormuz on Monday, Iran claimed it had shut the waterway again over the weekend. Overall traffic through the strait remains well below what it was before the conflict began in late February.
Patrick De Haan, who leads petroleum analysis at GasBuddy, said gasoline prices are not at serious risk of a sudden spike as long as some vessels continue moving through the strait. However, he warned that a breakdown in U.S.-Iran relations could change that picture quickly.
Additional threats to the recent price relief include tightening fuel supplies from refinery shutdowns and the start of the Atlantic hurricane season. Last week, a lightning strike knocked out power at TotalEnergies’ 238,000-barrel-per-day refinery in Port Arthur, Texas, forcing it offline. A full restart is expected within seven days.
Adding to supply concerns, a fire broke out Sunday at Marathon Petroleum’s Galveston Bay Refinery in Texas City, Texas — a facility capable of processing 631,000 barrels per day.
