SouthernWorldwide.com – American drivers are currently experiencing the highest gasoline prices seen since 2022, and this trend is expected to continue its upward trajectory throughout the summer travel season.
A recent forecast from the tracking service GasBuddy indicates that U.S. gas prices will average $4.80 per gallon between the Memorial Day weekend and Labor Day. This period typically marks a significant increase in travel.
Patrick De Haan, a petroleum expert at GasBuddy, described the upcoming summer as “the most volatile summer at the pump in years” in a press release. He highlighted the ongoing geopolitical tensions as a key driver of this volatility.
As of Wednesday, the national average price for a gallon of gasoline stood at $4.56, according to AAA. This represents an increase of over $1.40 compared to the previous year and a more than 50% jump since the United States and Israel conducted attacks on Iran in late February.
The situation could potentially push gas prices towards their all-time high of $5.02 a gallon. This scenario is contingent on the Strait of Hormuz, a critical Middle Eastern waterway responsible for a fifth of the world’s global oil supply, remaining closed into the late summer months. Ship traffic through this strait has been significantly disrupted due to the ongoing Iran war, now in its twelfth week, which has consequently driven up global oil prices.
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De Haan further elaborated that Americans will likely spend billions more on fuel this summer. He also cautioned that even after the strait reopens, it could take a year or more for prices to fully stabilize and return to previous levels.
The conflict in the Middle East is not the sole contributor to the rising fuel costs. Historically, fuel prices tend to increase during the summer due to U.S. environmental regulations. These regulations mandate that gas stations switch to a more expensive blend of gasoline.
This higher-grade fuel is specifically designed to mitigate evaporation in warmer temperatures. GasBuddy estimates that this summer blend can add as much as 15 cents per gallon to the cost of refueling.
Additionally, as more Americans opt for road trips during the summer months, the increased demand for gasoline can also contribute to price hikes, potentially by an additional 5 to 15 cents per gallon, according to GasBuddy’s analysis.
The financial strain of these elevated gas prices is significant for many Americans. A recent CBS News poll revealed that over half of the population considers high gas prices a financial hardship. Furthermore, 77% of respondents indicated that their income is not keeping pace with the rising inflation.
