National average gasoline prices hit $4.56 per gallon, up 43% year-over-year, as demand rises ahead of Memorial Day travel.
Gasoline prices in all 50 US states have surpassed $4 per gallon, with the national average reaching $4.56 on Thursday. The increase marks a 43% rise from a year ago and a 13% jump from the previous month, driven by seasonal demand and broader energy market trends.
California leads with prices topping $6 per gallon, while even oil-rich Gulf Coast states like Texas and Louisiana exceed the $4 mark. Typically, these states experience delayed price surges due to their refining and production capabilities. Western regions remain above the national average, reflecting higher taxes and import reliance.
Oil prices rebounded to over $100 per barrel Thursday after a sharp decline Wednesday on reports of potential US-Iran diplomatic progress. Analysts warn that failure to reopen the Strait of Hormuz could trigger another price surge next week. Spot gasoline markets suggest potential drops of $0.20 to $0.25 if geopolitical tensions ease.