Gas prices in the United States have come close to the highest level of the current year. The national average price on Friday reached $4.46 per gallon, reflecting a 3-cent increase from the previous night. This price is only 10 cents lower than the highest level of the year, which was recorded at $4.56 per gallon on May 21.
High Fuel Prices and Their Impact on Consumers
Gas prices are now on the verge of reaching the historic high of $5.01, which was recorded in June 2022 following Russia's invasion of Ukraine. Currently, at least six states have average gas prices above $5. California has the highest price in the country at $6.11 per gallon. Other states like Michigan, Utah, and Illinois are also nearing the $5 mark.
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Since the onset of the war in Iran and the attacks by the United States and Israel on February 28, gas prices have generally increased by 50 percent across the country. Meanwhile, diesel prices have continued to set new daily records since they first surpassed $6 per gallon on September 11. Diesel prices were $6.44 on Friday, reflecting a 5-cent increase. The rise in diesel prices could lead to increased costs for consumers.
Political Crisis and Price Predictions
The Trump administration has long claimed that fuel prices will drop significantly once the war ends. However, the President has recently acknowledged that it may take longer for global energy costs to decrease. With less than 8 weeks remaining until the U.S. midterm elections, dissatisfaction with prices has risen among consumers.
The University of Michigan's consumer sentiment survey has significantly declined due to inflation concerns. Some users on social media, including some who claim to support Trump, have expressed their dissatisfaction with high gas prices. Trump has also claimed that his administration would be able to reduce gas prices to below $2 per gallon.
Commodity analysts have predicted that as the war in Iran continues, oil and gas prices will rise further. Brent crude oil prices reached nearly $105 per barrel on Friday, indicating serious impacts on the global energy market.
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