Overview
- GasBuddy forecasts an average price near $4.48 a gallon for the Memorial Day weekend, a 42% jump from last year and the second highest on record.
- The White House has tried to cap the surge with record releases from the Strategic Petroleum Reserve, a Jones Act waiver, use of the Defense Production Act, and a pause on some Russia oil sanctions.
- AAA expects about 39.1 million Americans to drive for the holiday, signaling strong travel even as filling up takes a larger bite out of budgets.
- Researchers at Brown estimate the war has added roughly $43 billion to U.S. energy bills, including $24 billion for gasoline, as inflation neared 4% in April and real wages slipped.
- GasBuddy warns prices could touch $5 a gallon next month if the Strait of Hormuz stays closed, highlighting how a key oil shipping chokepoint can quickly lift pump costs.