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Gas prices near historic highs as Memorial Day travelers prepare to hit the road

Americans Brace for Record High Gas Prices this Memorial Day Weekend

As Americans gear up for the Memorial Day weekend, they are facing some of the highest gas prices in history. Despite the ongoing conflict in Iran causing shipping bottlenecks and blockades, AAA predicts that more than 39 million people will be hitting the roads over the holiday weekend.

The White House has been taking extraordinary measures to ease the pain at the pump amid rising prices and stubborn inflation. President Donald Trump has released record amounts of oil from the Strategic Petroleum Reserve, called for a federal gas tax holiday, and waived the Jones Act to expedite fuel transportation between U.S. ports.

However, the surge in fuel costs continues as tensions in Iran disrupt oil supplies, driving crude prices higher. National gas prices are now at near-record levels, raising concerns about even higher costs in the future.

On the West Coast, drivers are facing the highest prices, with California gas reaching $6.14 per gallon and diesel costs at $5.65. Despite efforts to mitigate the price hikes, drivers across the country are still experiencing sharp increases at the pump.

Gas prices on the East Coast have climbed above $4.50 in several areas, with Washington, D.C., and Pennsylvania seeing prices over $4.60. In the Midwest, Illinois stands out at $5.01 per gallon, while Southern states are also witnessing rising costs.

Diesel prices have surged to $5.65, up about $2.10 from the previous year. This increase in diesel costs can have a significant impact on the broader economy, affecting prices on goods and groceries.

As the standoff in Iran continues to affect energy markets, the uncertainty surrounding the situation in the Strait of Hormuz poses economic risks. With midterm elections approaching, rising gas prices have once again become a major political concern as Americans feel the pinch at the pump.

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