US gas prices hit $4.50, nearing all-time high

Odaily reports that ongoing conflicts in the Middle East are adding further pressure. According to the American Automobile Association, the national average retail price for 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 away from the all-time record of $5.01 per gallon set in June 2022. Seasonally, current prices have reached their highest level for this time of year. U.S. President Donald Trump has repeatedly promised that gasoline prices will fall once the conflict with Iran ends. However, the longer prices remain elevated, the greater the political risk for the Republican Party in the November midterm elections. In addition, national gasoline inventories are at their lowest level for this time of year since 2014. Morgan Stanley expects further tightening of summer gasoline inventories, which could signal a new record low for this period. (Jin Shi)