All articles tagged with #gas prices
Rising gas costs have pushed more Americans to use public transit, with notable ridership gains in Los Angeles, San Diego, San Francisco, Washington, D.C., and Amtrak; yet transit agencies are financially strained and depend on public funding, prompting emergency loans and policy bills to prevent service cuts while continuing capital projects like the L.A. Metro D Line extension.
Gas around $4.50 per gallon and ongoing inflation are denting U.S. consumer confidence and squeezing household budgets.
Oil prices climbed above $100 a barrel amid escalating Iran tensions and signals of new strikes, lifting the national average for regular gasoline to about $4.53 a gallon ahead of Memorial Day and fueling inflation worries as markets weigh geopolitical risk and its impact on energy costs and consumer budgets.
A record 45 million Americans are traveling this holiday weekend despite gas prices rising and airfares up about 20%, with travelers adjusting by shortening trips, skipping hotel stays, or using airline miles to manage higher costs while overall travel demand remains strong.
Even if the US and Iran reach a lasting peace, U.S. pump prices aren’t expected to return to prewar levels quickly. Restarting Gulf oil wells, refineries, and clearing busy shipping lanes could take weeks to months, with a full normalization potentially taking six months to two years, and prices likely to remain volatile through summer.
With gas prices near a four-year high, Western Washington drivers are cutting Memorial Day trips or choosing shorter getaways as millions nationwide plan to travel this long weekend.
Gas prices surge nationwide, with averages around $4.56 per gallon and highs above $5 in several states, driven by Iran-related supply fears and Strait of Hormuz disruptions. As Memorial Day road travel peaks, Americans are cutting trips or staying closer to home, while Republicans blame energy policy and Democrats call for relief in a widening political blame game.
Memorial Day weekend could be costly and chaotic, with gas prices topping $4 a gallon nationwide as about 39.1 million people travel by car and 3.66 million by air; delays loom from a LaGuardia sinkhole and potentially slow-moving storms across the eastern half of the U.S., prompting travelers to plan extra time and check airline guidance, while inflation also taints grocery costs and daily budgets.
Chevron gas stations in California have posted signs blaming state policymakers in Sacramento for high fuel prices, a message observed in the Central Valley that signals public frustration with energy policy.
The University of Michigan’s May reading shows US consumer sentiment at a record low of 44.2, driven by high gas prices and inflation; expectations for future inflation rose and pessimism is strongest among lower-income and less-educated Americans amid oil-price shocks and ongoing affordability concerns.
Gas prices are set to average about $4.48 per gallon for Memorial Day, up from $3.14 a year ago, per GasBuddy. About 45 million Americans plan to travel at least 50 miles over the holiday, per AAA. Analysts attribute more than 90% of the rise to the Iran war and disruptions in the Strait of Hormuz, warning the oil lifeline is under pressure. The last time Memorial Day saw prices this high was 2022, when prices peaked near $5 per gallon; even with potential Strait reopening, prices may stay above pre-war levels until 2027.
California Gov. Gavin Newsom’s office urged motorists to avoid Chevron stations over Memorial Day weekend, citing a state energy-commission analysis that Chevron prices run roughly 60–80 cents per gallon higher than unbranded fuel. With California averaging about $6.14 per gallon and a high gas tax, the move reflects ongoing tensions over oil profits and climate policies as the state contends with industry blame, refinery changes, and a global price uptick tied to geopolitics.
As Memorial Day travel kicks off, AAA reports the national average for regular gas at about $4.56 a gallon, the highest in four years, up 3 cents from last week and roughly $1.38 higher than a year ago, driven by rising demand and tighter supply amid the ongoing Strait of Hormuz disruption; WTI crude settled near $98.26 a barrel as inventories fell and the EIA notes demand rose while supply dropped; EV charging costs remain at about 41 cents per kWh, and regional price gaps persist, with California the most expensive market and Mississippi the cheapest.
Walmart’s warning on gas prices is expected to influence consumer spending and the retail outlook, while Honeywell pursues quantum initiatives that could affect future tech-driven efficiency and growth.
California Gov. Gavin Newsom’s office is advising residents to avoid Chevron this holiday weekend due to high gas prices, with signs and billboards blaming Sacramento policies for the cost.