US gasoline prices hit $4.50, approaching record highs

Odaily Planet Daily News Continued conflict in the Middle East is adding further pressure. According to the American Automobile Association, the national average retail price of regular unleaded gasoline rose to $4.54 per gallon on Tuesday, breaking above $4.50 per gallon for the first time since July 2022. It is now about 50 cents shy of the all-time high of $5.01 per gallon set in June 2022. Seasonally, current prices have reached the highest level on record for this time of year. U.S. President Donald Trump has repeatedly promised that gasoline prices will fall after the war in Iran ends. But the longer prices remain high, the greater the political risk facing 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 gasoline inventories to tighten further this summer, signaling that stockpiles could hit a new record low for this period. (Jinshi)