U.S. Gasoline Prices Reach Highest Level Since July 2022 Amid Ongoing Middle East Conflict

Gasoline prices in the United States have risen to their highest level since July 2022, according to the American Automobile Association. On Tuesday, the national average price for regular unleaded gasoline reached $4.54 per gallon, surpassing $4.50 per gallon for the first time since July 2022. This price is approximately 50 cents below the record high of $5.01 per gallon set in June 2022. According to Odaily, the current price is the highest for this time of year historically. U.S. President Donald Trump has repeatedly promised that gasoline prices would decrease following the end of the conflict with Iran. However, the longer prices remain elevated, the greater the political risk for the Republican Party in the upcoming November midterm elections. Additionally, gasoline inventories across the United States are at their lowest level for this time of year since 2014. Morgan Stanley anticipates that gasoline inventories will tighten further during the summer, potentially reaching a new low for this period.