U.S. gasoline prices reach $4.50, approaching a new all-time high

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Golden Finance reports that on May 6th, ongoing conflicts in the Middle East have added further pressure. According to the American Automobile Association, the nationwide average retail price of regular unleaded gasoline rose to $4.54 per gallon on Tuesday, surpassing $4.50 per gallon for the first time since July 2022. Currently, it is only about 50 cents away from the record high of $5.01 per gallon set in June 2022. From a seasonal perspective, current prices have reached the highest level for this time of year in history. U.S. President Trump has repeatedly promised that gasoline prices will fall after the Iran war ends. However, the longer prices stay high, the greater the political risk for the Republican Party in the November midterm elections. Additionally, U.S. nationwide gasoline inventories are at their lowest levels for the same period since 2014. Morgan Stanley expects summer gasoline inventories to tighten further, indicating inventories may hit new lows for this time of year in history. (Jin10)

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