Midgrade gas was sold at the lowest price of $5.52 per gallon at one gas station in Southeast Fairbanks Census Area during the week ending May 16, according to customer reports submitted to GasBuddy.
Countywide, midgrade gas averaged $5.65 per gallon.
Southeast Fairbanks Census Area had three of 19 reported gas stations offering midgrade gas.
For comparison, the average price of midgrade gas in Alaska was $5.50 per gallon for the week ending May 16, up from the previous week.
Fuel prices climbed sharply in spring 2026 as tensions in the Middle East disrupted global oil shipments and refinery outages tightened gasoline supplies in parts of the United States. AAA said the national average price for a gallon of regular gasoline rose above $4 in early April for the first time since August 2022, reaching $4.08 per gallon on April 2 and $4.16 one week later as crude oil prices remained elevated. By late April, Reuters reported the national average had climbed further to about $4.18 per gallon, the highest level in nearly four years. Reuters also reported that refinery outages in Illinois and Indiana removed more than 800,000 barrels per day of fuel production capacity from the market, contributing to higher prices in parts of the Midwest ahead of the summer travel season.
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.
