Overview
- The national average reached $4.54 to $4.56 a gallon Friday, the highest since mid‑2022, with California near $6.16 and Oklahoma around $3.98, according to AAA and GasBuddy.
- JPMorgan said a squeeze on refined fuels could push prices higher, as limited crude flows curb refinery runs and refiners prioritize jet fuel over gasoline and diesel.
- EIA data showed record U.S. exports of petroleum products at 8.2 million barrels for the week ending May 1 while inventories fell, tightening domestic supply as the administration resists export limits.
- Crude stayed volatile with Brent back above $100 on Friday as the Strait of Hormuz remains constrained, and analysts said pump prices may lag any short‑term dip in oil because stations are selling higher‑cost fuel already in the system.
- Consumers are cutting driving and travel plans as the University of Michigan reported a fresh low in early May sentiment, and the start of the summer driving season could add more pressure if supplies stay tight.