Gas prices near highest level in 4 years ahead of Memorial Day
Summary
Gas prices in the U.S. are near their highest level in four years ahead of the Memorial Day weekend. This rise is mainly due to reduced global oil supply caused by the war in Iran, which has affected the price of crude oil and gasoline.Key Facts
- The national average gas price is $4.55 per gallon, about 42% higher than last year.
- Six states have average gas prices over $5 per gallon, with California at $6.13 per gallon.
- About 39 million Americans are expected to travel by car during Memorial Day weekend.
- Americans will spend roughly $2 billion more on gasoline this holiday compared to last year.
- The war in Iran has disrupted oil supply by closing the Strait of Hormuz, a key shipping route.
- Oil prices rose about 50% since the war began on February 28.
- Gasoline prices may slightly drop if tanker traffic through the Strait of Hormuz resumes.
- Low-income households spend a higher share of their income on gas compared to middle- and upper-income households.
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