US gasoline prices hit $4.50, approaching record highs

According to Odaily, ongoing conflicts in the Middle East are adding further pressure. The American Automobile Association reported that the national average price for regular unleaded gasoline rose to $4.54 per gallon on Tuesday, surpassing $4.50 per gallon for the first time since July 2022. This is now only about 50 cents away from the all-time record of $5.01 per gallon set in June 2022. On a seasonal basis, current prices have reached their highest level for this time of year. U.S. President Donald Trump has repeatedly promised that gasoline prices will drop after the war in Iran ends. However, the longer prices remain at these elevated levels, the greater the political risk for the Republican Party in the November midterm elections. Additionally, U.S. gasoline inventories are at their lowest level for this time of year since 2014. Morgan Stanley expects further tightening of gasoline inventories this summer, suggesting that inventory levels could hit a new seasonal low. (Jin Shi)