US gasoline prices hit $4.50, nearing all-time highs

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