U.S. gas prices reach a four-year high as Memorial Day travel begins
The Facts
- The U.S. national average price for a gallon of regular gasoline was about $4.55 on May 22.
- Gas prices heading into Memorial Day weekend were at their highest level in about four years, with the holiday average near levels last seen in 2022.
- AAA projected about 45 million Americans would travel at least 50 miles over Memorial Day weekend, including roughly 39 million traveling by car.
- Current gas prices are substantially higher than a year ago, with reports putting the increase at roughly $1.35 to $1.38 per gallon nationally.
- Several reports say the increase in fuel prices is being driven in part by the Iran war and disruption to oil shipments through the Strait of Hormuz.
- California had the highest statewide average gas price in the country at about $6.13 per gallon.
- Analysts and reports cited in the coverage say prices could rise further in the coming weeks if the Strait of Hormuz remains closed, including the possibility of the national average reaching about $5 per gallon.
Context
Why are gas prices rising now?
Multiple reports tie the increase to the war with Iran and the resulting disruption of oil shipments through the Strait of Hormuz, a major global oil transit route; some coverage also cites strong holiday demand and refinery issues as added pressure AZfamily.com,Newser,KABC-AM.
How many people are expected to travel despite the higher prices?
AAA projected about 45 million Americans would travel at least 50 miles over the Memorial Day period, with nearly 39 million of them going by car, indicating that road travel demand remains high even with elevated fuel costs nbcpalmsprings.com,Hill,Fox2Now.
What happens next for gas prices?
Several reports say prices may keep rising if the Strait of Hormuz stays closed; one cited GasBuddy analyst said the national average could reach about $5 in June, and other forecasts warned of a costly summer if the disruption persists UPI,LPHeraldDispatch.com,Post and Courier.
Where Left and Right agree, and where they split
- Where Left and Right agree
- Higher gas prices are arriving exactly as tens of millions of Americans prepare to drive, and both framings treat that squeeze on household travel costs as real and potentially worsening if disruption through the Strait of Hormuz continues.
- Where Left and Right split
- Less a disagreement than a question of emphasis: a broad affordability burden falling hardest on people who cannot avoid driving, versus a market constraint that households must navigate through budgeting as global events shape fuel costs.
How left and right read it
With gas near a four-year high and well above a year ago just as about 45 million Americans are expected to travel, the burden falls most heavily on households that cannot easily avoid driving. The fact that prices could rise further if disruption through the Strait of Hormuz continues highlights how a global shock can quickly become a broad affordability problem for ordinary people.
Gasoline heading into the holiday weekend is sending a clear price signal: fuel is more constrained and may become more expensive still if disruption through the Strait of Hormuz continues. For households planning to drive, that puts a premium on individual budgeting and on recognizing how exposed everyday decisions remain to events outside domestic control.
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