GasBuddy Sees U.S. Summer Gas Averaging $4.80, With Prices Threatening $5.02
Updated
Updated · CBS New York · May 20
GasBuddy Sees U.S. Summer Gas Averaging $4.80, With Prices Threatening $5.02
12 articles · Updated · CBS New York · May 20
$4.80 a gallon is GasBuddy’s forecast for the U.S. average between Memorial Day and Labor Day, above Wednesday’s AAA national average of $4.56.
Traffic through the Strait of Hormuz has largely stalled in the Iran war’s 12th week, and GasBuddy says a prolonged closure could push gasoline back to its $5.02 record.
Summer-specific pressures are also building: the seasonal fuel blend can add up to 15 cents a gallon, while heavier driving demand may add another 5 to 15 cents.
Prices are already up more than $1.40 from a year ago and more than 50% since late February, with GasBuddy warning Americans will pay billions more for summer travel.
The squeeze is hitting households broadly, with more than half of Americans saying gas prices are a financial hardship and 77% saying income is not keeping up.
As a top oil exporter, why do Americans face record gas prices, and what does this mean for future costs?
With a key oil route blocked, what is the world's long-term plan to secure energy and prevent future price shocks?