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A new GasBuddy forecast released Wednesday puts the national average gas price at $4.80 per gallon for the summer driving season — a figure that would eclipse the record of $4.43 per gallon from 2022. The forecast covers the period from Memorial Day through Labor Day and is driven by the closure of the Strait of Hormuz.
According to Axios, Wednesday's national average came in at $4.56 a gallon, and every state in the country has crossed the $4 threshold, with seven states posting averages north of $5. GasBuddy's Memorial Day projection of $4.48 per gallon would represent a sharp jump from the $3.14 average recorded on the same holiday a year earlier, ranking it as the second-costliest Memorial Day in history. The lone exception was Memorial Day 2022, when Russia's invasion of Ukraine had pushed the holiday average to $4.61 per gallon, per CNN.
Patrick De Haan, head of petroleum analysis at GasBuddy, said the situation could worsen further. "If the Strait remains closed for much of the summer, prices could hit $5 per gallon or higher and potentially set new all-time records," GasBuddy said. Even after the Strait reopens, sub-$3 gas is unlikely to return for many months, GasBuddy added.
