GasBuddy Sees U.S. Gas Topping $5 a Gallon as Hormuz Closure Hits Day 96
Updated
Updated · Forbes · Jun 4
GasBuddy Sees U.S. Gas Topping $5 a Gallon as Hormuz Closure Hits Day 96
3 articles · Updated · Forbes · Jun 4
Summary
A 50-50 chance of average U.S. gasoline topping $5 a gallon in coming weeks is now GasBuddy’s base warning, with analyst Patrick De Haan saying summer prices likely have not peaked.
The forecast is tied to the 96-day closure of the Strait of Hormuz and a war with Iran that De Haan says could keep prices solidly above $4 even if the waterway reopens soon.
40% of Americans in May said gas prices would greatly affect travel plans within six months, up from 21% in March, and more than a third of summer travelers are taking fewer trips or staying closer to home.
Regional drive-to destinations including Myrtle Beach, Door County and Monterey still report demand at or above last year, as travelers swap longer vacations for shorter, nearer getaways.
Discount fuel sellers such as Costco, Sam’s Club and BJ’s have also gained market share since the conflict began, underscoring how households are trimming travel and gas costs rather than canceling trips outright.