economy
Highest U.S. gas prices in years expected to continue rising this summer
American motorists, already facing the highest gasoline prices since 2022, are likely to see fuel costs rise further as the busy summer travel season heats up.
TL;DR
- Gas prices are expected to average $4.80 a gallon this summer, the highest since 2022.
- The national average was $4.56 per gallon on Wednesday, up over $1.40 from last year.
- Prices could reach an all-time high of $5.02 if the Strait of Hormuz remains closed due to the Iran war.
- Seasonal factors like the switch to a more expensive summer fuel blend and increased demand also contribute to higher prices.
- A CBS News poll indicates that over half of Americans find gas prices a financial hardship, and 77% feel their income is not keeping up with inflation.