US gas prices rise again, sitting at their highest levels in 4 years ahead of Memorial Day weekend
Just days away from Memorial Day weekend, the national average of US gas prices has risen from a week earlier, sitting at the highest they’ve been in four years.
The price is currently $4.56 a gallon, up $0.03 from last week and $1.38 higher than this time last year, according to the American Automobile Association. Today’s prices are right around what customers were paying four years ago, when the price on Memorial Day was $4.61. Gas prices experienced a short-lived dip earlier this month before rising again.
Gasoline is in high demand ahead of Memorial Day weekend, and the Strait of Hormuz remains closed because of the war in Iran, leaving prices elevated as more drivers hit the road. GasBuddy’s Patrick De Haan predicts that gas prices could soon hit $4.80 a gallon soon amid the strait’s closure.
Oil prices ticked up slightly on Thursday, with West Texas Intermediate sitting around $100 a barrel, after plunging on Wednesday.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Meanwhile, prediction markets show traders pricing in an 11% chance that gas could continue to rise past $4.60 with less than a week left in the month, while only 1% bet it could rise to about $5, despite previous speculation that prices could hit the $5 mark by the end of the month.
Gasoline is in high demand ahead of Memorial Day weekend, and the Strait of Hormuz remains closed because of the war in Iran, leaving prices elevated as more drivers hit the road. GasBuddy’s Patrick De Haan predicts that gas prices could soon hit $4.80 a gallon soon amid the strait’s closure.
Oil prices ticked up slightly on Thursday, with West Texas Intermediate sitting around $100 a barrel, after plunging on Wednesday.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Meanwhile, prediction markets show traders pricing in an 11% chance that gas could continue to rise past $4.60 with less than a week left in the month, while only 1% bet it could rise to about $5, despite previous speculation that prices could hit the $5 mark by the end of the month.
