US Gasoline Pump Prices Climb to Their Peak Since 2024

US Gasoline Prices Reach New Highs Amid Middle East Turmoil

Photographer: Kena Betancur/Bloomberg

Gasoline prices at US pumps have surged to their highest point since September 2024, driven by ongoing instability in the Middle East that has disrupted the region’s energy exports.

According to the American Automobile Association, the average retail price for gasoline climbed to $3.32 per gallon on Thursday. Futures for gasoline have also soared by 27% this week, marking the steepest weekly increase since March 2022.

President Donald Trump has often highlighted falling gasoline costs as evidence of American energy strength. However, the recent spike in prices could create significant challenges for him and his party as the midterm elections approach later this year.

Asian refineries are now facing shortages of essential crude oil supplies that typically pass through the Strait of Hormuz, leading some to consider reducing their output. Meanwhile, China has instructed its largest refineries to halt exports of diesel and gasoline.

The turmoil in the Middle East coincides with the seasonal shift by US refiners from producing winter-grade gasoline to the more costly summer blend—a transition that usually results in higher prices during the spring months.

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