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US Gas Prices Hit $4.43 Gallon, Moody's Warns $1,300 Cost

5/3/2026

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Summary

Story summary

U.S. gasoline prices reached a four-year high, national average $4.43 per gallon.
Crude oil peaked at $126 a barrel Thursday, then dropped to about $108 Friday.
Ohio averaged $4.90 per gallon (eighth) and Indiana $4.85 (tenth) on May 2.
Michigan’s price climbed to $4.86 per gallon on Friday, up 28 cents from Thursday.
California stayed most expensive at $6.09 per gallon; Georgia was cheapest at $3.82.
Moody’s warns households could pay $1,300 more for gas and diesel if oil stays high for a year.

Summary

Story summary

Illinois Governor J.B. Pritzker opposes delaying the gas-tax increase scheduled for summer 2026.
BP’s Whiting refinery suffered a brief power loss on April 26, 2026, and said it does not set oil prices.
Analysts cite the Whiting outage and Iran-related shipping closures as key drivers of the recent price surge.
Fixed-income residents say they cannot afford gasoline, with one declaring, “I am on a fixed income, so there is no way I can afford gas right now.”
GasBuddy posted an alert after Lake County, Indiana pumps jumped to nearly $5 per gallon within three days.

Summary

Story summary

New Hampshire’s average regular-unleaded price rose to $4.26 per gallon on Friday, 28 cents above last week.
John Gear of Manchester said a full tank now costs about $60, calling the price “ridiculous.”
Michael Maldonado of Manchester will drive ten minutes farther to find cheaper gas.
Wilfredo Ascevado of Manchester switched to biking to avoid the high fuel cost.
President Donald Trump pledged gasoline prices will “drop like a rock” after the Iran war ends.
WMUR urges drivers to download its free app for real-time gas-price alerts.

History

Historical Context

During the 1973 Arab oil embargo, OAPEC halted shipments to the United States, prompting President Nixon to allocate domestic oil and driving crude from $5 to $11.65 per barrel by year-end. Rationing and price controls forced long lines. Echoing that shock, 2026 spikes in Ohio, Indiana and California cite supply disruptions, leading Governor J.B. Pritzker, BP and Moody’s to warn of costly household impacts.

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Story summary

U.S. gasoline prices reached a four-year high, national average $4.43 per gallon.
Crude oil peaked at $126 a barrel Thursday, then dropped to about $108 Friday.
Ohio averaged $4.90 per gallon (eighth) and Indiana $4.85 (tenth) on May 2.
Michigan’s price climbed to $4.86 per gallon on Friday, up 28 cents from Thursday.
California stayed most expensive at $6.09 per gallon; Georgia was cheapest at $3.82.
Moody’s warns households could pay $1,300 more for gas and diesel if oil stays high for a year.

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