world
Gasoline Prices Exceed $4 per Gallon in All 50 States
The national average reached $4.56 per gallon on Thursday. Prices have risen 43 percent from one year ago and 13 percent from one month ago.
May 21, 3:22 PM·1m read1 source
YA
Audio version
Tap play to generate a narrated version.
Gasoline prices in all 50 states stood above $4 per gallon on Thursday as drivers prepared for Memorial Day weekend travel. 56 per gallon, according to AAA data. That figure is 43 percent higher than one year ago and 13 percent higher than one month ago. California exceeded $6 per gallon, while Western states remained above the national average.
Coast states including Texas, Louisiana, and Oklahoma also posted prices above $4 per gallon. U.S. refining and oil production.
President Trump stated that the United States and Iran are in the final stages of reaching a deal. Oil prices fell sharply on Wednesday before rising above $100 per barrel on Thursday. Patrick De Haan, head of petroleum analysis at Gasbuddy, said prices could drop if the Iran talks produce results.
He added that prices will likely surge again next week if the Strait of Hormuz does not reopen. 25 in the gasoline spot market appear to be a one-time event. He noted that the oil market gave gasoline retailers a Memorial Day weekend present. Refineries face limited crude oil supplies because transit through the Strait of Hormuz remains near standstill.
JPMorgan described the situation as a refining and end-user fuel crisis. Gasoline prices could continue rising even if crude oil prices stay in the low $100s until demand falls or consumers reduce driving.
