U.S. Gasoline Prices Hit $4.50, Near Historic High

Odaily Planet Daily News – Ongoing conflicts in the Middle East are adding further pressure. According to the American Automobile Association, the national average retail price for regular unleaded gasoline rose to $4.54 per gallon on Tuesday, surpassing $4.50 per gallon for the first time since July 2022. It is now only about 50 cents away from the all-time record of $5.01 per gallon set in June 2022. Seasonally, the current price has reached the highest level for the same period in history. U.S. President Trump has repeatedly promised that gasoline prices would drop after the end of the Iran war. However, the longer prices remain high, the greater the political risks Republicans face in the November midterm elections. Additionally, U.S. nationwide gasoline inventories are at their lowest levels for this time of year since 2014. Morgan Stanley predicts that summer gasoline inventories will tighten further, suggesting that stockpiles could hit a historic low for the same period. (Jin10)