Consumers have been paying steep prices at the pump for months amid conflict in the Middle East, which triggered an oil supply crisis and pushed gas prices to a four-year high of $4.56 per gallon in late May.
But gas prices have eased in recent days, with the national average falling to $3.99 per gallon on Thursday, just days after the U.S. and Iran reached a tentative peace agreement that would reopen the Strait of Hormuz and allow oil tankers to move freely through the critical shipping route.
With tensions easing and oil flowing more freely, the big question for drivers is: How much lower will gas prices go and how soon? It's hard to predict exactly when rates will go down to pre-conflict levels. For context, a gallon of gas averaged $2.98 on Feb. 26, two days before the conflict began, so there's still a long way to go.
Experts predict that after months of disruptions, it could take time for the oil industry to rebuild supply chains and restore production, meaning gas prices may not return to their winter levels anytime soon.
Patrick De Haan, head of petroleum analysis at GasBuddy, suggests that the average cost-per-gallon could fall to below $3.75 by July 4 if all goes well, he wrote in an X post on June 14.
"But hurricane season could be a major wildcard for the rest of summer- tight global inventories mean it will take months or beyond to fully restore global oil inventories," he added in the post.
Even if sub-$3 gas remains out of reach for now, there are still ways to lower your fuel costs immediately.
3 ways to save now on gas
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Cash in on retail memberships
Take advantage of memberships you already have — or would benefit from getting — that give you discounts on gas.
Walmart+ provides members with 10 cents off per gallon at any Walmart, Exxon, Mobil and Murphy gas stations; you also get member prices on gas at Sam's Club. The monthly membership costs $12.95 per month (or $98 for the year). With its 30-day trial, you can cash in on gas benefits for just $1.
Members also access free grocery delivery, tire repair, pet care and streaming subscriptions, as well as up to 10% Walmart Cash for Travel, if looking for additional ways to benefit.
Similarly, Amazon Prime also offers its members 10 cents off per gallon. Members score free shipping and other perks when signing up. A Prime Membership is $14.99 per month or $139 per year.
Join a wholesale club
If you're a wholesale club member, you're in luck.
Stores like Costco, BJ's and Sam's Club are known for offering below-average gas prices, so stopping by to fill up can save you money.
Their store-branded credit cards provide elevated gas discounts, too. For example, Costco members with the no-annual-fee Costco Anywhere Visa® Card by Citi get 5% back on gas pumped at Costco and 4% at other qualifying gas stations.
The Costco Anywhere Visa® Card by Citi is a valuable card to pair with a Costco membership, but the rewards program is more restrictive than what you get with a typical cash-back card.
- High rewards rates for gas/EV charging and travel
- No foreign transaction fees
- Restrictive rewards that you can only cash out once per year
- Requires a paid Costco membership
- No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Discover one of Citi's best cash back rewards cards designed exclusively for Costco members
- Earn 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter.
- 3% cash back on restaurants and eligible travel purchases and eligible travel, including Costco Travel.
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
Balance transfer fee
5% of each balance transfer; $5 minimum
Foreign transaction fee
None
Add a gas rewards credit card to your wallet
Finally, opening certain credit cards can help you save.
The Blue Cash Preferred® Card from American Express ranks as a top gas rewards credit card since cardholders earn 3% cash back on gas at U.S. gas stations, as well as cash back on groceries, streaming and transit.
The Blue Cash Preferred® Card from American Express is a low-fee card with generous cash-back rewards and useful ongoing benefits, such as a monthly Disney Bundle credit. (Enrollment required for select benefits mentioned)
- High cash-back earnings for U.S. supermarkets and streaming services
- Intro-APR offer for purchases and balance transfers
- No annual fee for the first year
- It's less rewarding after the first year because of the annual fee
- Bonus rewards for U.S. supermarkets are capped
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply and find out your welcome offer. As High As $300 cash back* after you spend $3,000 in purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply, and if approved: 1. Find out your offer amount 2. Accept the Card with your offer 3. Spend $3,000 in 6 months 4. Receive the cash back. *Cash back is received in the form of Reward Dollars that can be redeemed for a statement credit or at Amazon.com checkout.
- $0 intro annual fee for the first year, then $95.
- Enjoy 0% intro APR on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.49%-28.49%.
- Plan It®: Buy now, pay later with Plan It. Split purchases of $100 or more into equal monthly installments with a fixed fee so you don't have the pressure of paying all at once. Simply select the purchase in your online account or the American Express® App to see your plan options. Plus, you'll still earn rewards on purchases the way you usually do.
- Earn 6% cash back at U.S. supermarkets on up to $6,000 per year in eligible purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at eligible U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more) purchases and 1% cash back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
- Get up to a $10 monthly statement credit after using your enrolled Blue Cash Preferred® Card for a subscription purchase, including a bundle subscription purchase, at DisneyPlus.com, Hulu.com, or Stream.ESPN.com U.S. websites. Subject to auto-renewal.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7% of each transaction after conversion to US dollars
Otherwise, with the Chase Sapphire Preferred (see rates and fees), you score 3X points on gas purchases. And, as of June 2026, it's matching its largest-ever welcome bonus for a limited time: earn 100,000 points when you spend $5,000 in the first three months.
The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections, flexible rewards and more.
- You can transfer rewards to all of Chase's travel partners including World of Hyatt, Southwest Rapid Rewards and many more
- Long list of travel and shopping protections
- Annual Chase Travel hotel credit
- Has an annual fee
- Requires a high credit score
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn 100,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- Enjoy benefits such as 5x on travel purchased through Chase TravelSM, 3x on dining, 3x on vacation homes, 3x on gas & EV charging, 3x on top streaming services and online groceries (excluding Walmart, Target, and wholesale clubs), 2x on all other travel purchases, 1x on all other purchases
- Earn up to $100 in statement credits each account anniversary year for hotel stays through Chase Travel
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get a year of complimentary Apple TV when activated by December 31, 2026 - a value of $156.
- Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
- Receive one statement credit of up to $120 every four years as reimbursement for the application fee charged to your card for a Global Entry, TSA Precheck® or NEXUS application.
- Transfer points to leading airline and hotel loyalty programs
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
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For rates and fees of the Blue Cash Preferred® Card from American Express, click here.
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