U.S. gasoline prices reach $4.50, approaching a record high

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BlockBeats News, May 6 — Ongoing conflict in the Middle East is bringing further pressure. According to the American Automobile Association, on Tuesday the national average retail price of regular unleaded gasoline rose to $4.54 per gallon, the first time it has broken above $4.50 per gallon since July 2022. At present, it is only about 50 cents away from the historical record of $5.01 per gallon set in June 2022.

From a seasonal perspective, current prices have reached the highest levels for the same period in each year on record. U.S. President Trump has repeatedly promised that gasoline prices will fall after the Iran war ends. But the longer prices remain elevated, the greater the political risk the Republican Party faces in the November midterm elections.

In addition, U.S. nationwide gasoline inventories are at the lowest levels for the same time of year since 2014. Morgan Stanley expects summer gasoline inventories to tighten further, suggesting that inventories may hit new lows for this period in history. (Jin10)

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