Highest U.S. gas prices in years expected to continue rising this summer

Gas Prices Expected to Rise Further as Summer Travel Season Approaches

As American motorists gear up for the busy summer travel season, they are bracing themselves for even higher gasoline prices. The latest forecast from GasBuddy predicts that gas prices across the United States will average $4.80 a gallon between Memorial Day weekend and Labor Day. This comes as the national average price for a gallon of gas has already reached $4.56, up significantly from last year.

According to Patrick De Haan, a petroleum expert at GasBuddy, this summer is shaping up to be the most volatile at the pump in years. The ongoing conflict in the Middle East, particularly the closure of the Strait of Hormuz, a crucial waterway for global oil supply, is a major factor driving up gas prices. If the strait remains closed late into the summer, prices could potentially reach their all-time high of $5.02 a gallon.

The Iran war, now in its 12th week, has disrupted ship traffic through the strait, leading to a surge in global oil prices. De Haan warns that even after the strait reopens, it could take a year or more for gas prices to fully recover. In addition to geopolitical tensions, other factors such as the switch to a more expensive fuel blend during the summer months and increased demand for gas as more Americans hit the road are contributing to the rise in prices.

A recent CBS News poll found that more than half of Americans view gas prices as a financial hardship, and 77% believe that their income is not keeping pace with rising inflation. This has left many consumers feeling the pinch at the pump as they prepare for summer travel.

With gas prices expected to remain high throughout the summer, Americans are likely to spend billions more on fuel. As they navigate these challenges, it is important for motorists to plan ahead and budget accordingly for their summer travels.

Edited by Alain Sherter