Oil set for biggest monthly drop in 6 years, bringing consumers some relief

EnergyOil is set for its biggest one-month drop in 6 years, bringing consumers some reliefThe average price of gas fell 17 cents since its peak earlier this month, but it’s still 47% higher than it was at the start of the Iran war.Listen to this article with a free account00:0000:00People walk on the beach, with vessels in the Strait of Hormuz visible near the beach of Bandar Abbas, Iran, on May 22.Majid-Asgaripour / via ReutersShareAdd NBC News to GoogleMay 29, 2026, 11:36 AM EDTBy Steve KopackAs May’s final day of oil trading is underway, the price of crude is set for its biggest one-month decline in six years, delivering some relief to consumers at the pump and some optimism to investors hoping for an end to sky-high energy prices.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.As measured by the global Brent oil benchmark, prices are on track for a more than 20% decline in May, the biggest monthly drop since 2020. U.S. crude oil has also recorded a steep 19% drop in May, which would be its largest monthly decline since late 2021. Relief for consumersThese moves are already showing up in the form of lower gas prices across the United States. As of Friday morning, the average price of unleaded gas had fallen 17 cents per gallon from this year’s peak of $4.56, according to AAA data. But at $4.39 per gallon, Americans are still paying an average price that has soared 47% since the war began.A customer pumps gas at a Chevron station on Wednesday in North Miami, Fla.Marta Lavandier / APHigh gas prices sent U.S. drivers in search of discount fuel at big-box membership chains like Costco.The retailer said Thursday that it saw “record-breaking volumes” for gasoline sales last quarter, with the five weeks leading up to May 10 registering as Costco’s “top five volume weeks ever” for gasoline sales. CEO Ron Vachris said many Costco members had used the company’s gas stations “for the very first time.” A hard sell from the...