In the week ending May 16, three gas stations in Fairbanks North Star Borough sold midgrade gas at the lowest reported price of $5.09 per gallon, according to customer reports submitted to GasBuddy.
The average reported price of midgrade gas across the county was $5.47 per gallon.
Among 50 gas stations in cities within Fairbanks North Star Borough, 17 offered midgrade gas.
Across Alaska, the average reported price for a gallon of midgrade gas rose to $5.50, compared to the week before.
Drivers in the United States have faced volatile gas prices in recent years as global oil markets reacted to wars, sanctions, refinery outages and shifting fuel demand. Russia’s war on Ukraine and sanctions targeting Russian oil exports contributed to supply concerns, while more recent tensions in the Middle East and disruptions to shipping through the Strait of Hormuz have added further pressure to crude oil and gasoline prices in 2026. Analysts have also pointed to refinery maintenance and seasonal travel demand as factors contributing to regional price fluctuations across the country.
The U.S. Energy Information Administration said gasoline prices continue to react to both international oil markets and domestic fuel supply conditions. Analysts monitoring the energy market have pointed to refinery utilization rates, U.S. crude oil inventories, OPEC+ production policies and seasonal driving demand as factors influencing fuel costs in 2026, particularly during periods of refinery outages or shipping disruptions affecting global oil supplies.
Gas price data reflects cash payments. Some stations may charge higher prices for credit card transactions due to processing fees, though such surcharges are prohibited in some states and territories.
Data is accurate as of press time, but gas prices have been known to fluctuate on a daily, and even hourly, basis.
Information in this article was obtained from GasBuddy. The source data can be found here.
