Regular unleaded gas hits new high before giving up ground in Olympia market

The song remained the same at gasoline stations in the Olympia market, as the per gallon price of regular unleaded danced around record levels before settling just under the all-time high this week.

The average price of regular unleaded gas chimed in at $5.816 per gallon on Friday, May 22, down a smidge from $5.817 per gallon on Friday, May 15, according to data compiled by AAA.

One year earlier, the average price of regular unleaded gas stood at $4.389 per gallon or nearly $1.50 below the record high of $5.825 per gallon, which was set on Thursday, May 21.

Gas prices started climbing after the United States and Israel launched coordinated military operations against Iran on Feb. 28, and then kept rising into record territory as the conflict dragged on.

Despite a weekslong ceasefire agreement, tensions between the U.S. and Iran have kept oil tankers from getting through the Strait of Hormuz, a key passageway, multiple media outlets have reported. That has had a major upward impact on oil prices since the conflict started, in turn sending gas prices higher.

Gas prices in the U.S. are highest in the West where California ($6.131 per gallon), Washington ($5.782 per gallon) and Hawaii ($5.653 per gallon) held the top three spots on May 22.

In the state of Washington, the highest average price for regular unleaded gas was posted in the Seattle-Bellevue-Everett market at $5.985 per gallon on May 22, up from $5.974 per gallon one week ago.

The lowest average price for regular unleaded gas was recorded in the Clarkson market at a record $5.032 per gallon on May 22, down from $5.252 a week earlier. AAA tracks gas prices in 14 markets across the state of Washington.