Highest gas prices in years expected to continue rising this summer
Summary
Gas prices in the U.S. are currently the highest since 2022 and are expected to keep rising over the summer travel season. Factors include a conflict in the Middle East disrupting oil shipping routes, seasonal fuel changes, and increased demand from more drivers on the road.Key Facts
- Gas prices averaged $4.56 per gallon recently, up $1.40 from last year.
- Prices could reach $4.80 per gallon on average from Memorial Day to Labor Day.
- The conflict between the U.S. and Israel against Iran has stalled oil shipping in the Strait of Hormuz, affecting global oil supply.
- The Strait of Hormuz normally handles about 20% of the world’s oil shipments.
- Seasonal rules require gas stations to sell a special summer fuel blend, which costs about 15 cents more per gallon.
- More people driving in summer can raise gas prices by 5 to 15 cents per gallon.
- More than half of Americans say high gas prices cause financial difficulties.
- It might take a year or more for gas prices to return to normal even after the shipping route reopens.
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