US GASOLINE PRICES TOP $4.50 A GALLON AS SUMMER DRIVING SEASON NEARS

The U.S. national average retail price of ​gasoline surpassed $4.50 a gallon on Tuesday for the first time since July 2022, data from GasBuddy ‌showed, as the U.S.-Israeli war with Iran kept disrupting a substantial portion of global oil supplies shipped through the Strait of Hormuz.

As the U.S. Memorial Day weekend approaches and with it peak summer driving season, surging pump prices pose a major political risk for President ​Donald Trump and his Republican party as they campaign for midterm elections in November. Without de-escalation in ​the Middle East, analysts say U.S. motor fuel prices could rise past prior records.

Learn More