U.S. gasoline prices hit $4.50, approaching an all-time high

According to Odaily Planet Daily, the ongoing conflict in the Middle East is adding further pressure. The American Automobile Association reported that the national average retail price for regular unleaded gasoline rose to $4.54 per gallon on Tuesday, breaking through $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, the current price is the highest on record for this period. 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. In addition, U.S. gasoline inventories are at their lowest seasonal level since 2014. Morgan Stanley expects gasoline inventories to tighten further this summer, suggesting they may hit a new record low for the season. (Jin Shi)