Prices at the pump hit $4 a gallon in all 50 states-just as summer driving season begins | Fortune

Average gasoline prices have risen above $4 in every U.S. state as the summer driving season begins around Memorial Day weekend. GasBuddy projects summer averages around $4.80 per gallon from Memorial Day through Labor Day, with possible all-time highs if the Strait of Hormuz remains closed for much of the summer. Prices have spiked since early March due to war in Iran and the effective closure of the strait, which normally carries about 20% of global crude oil volumes. The national average reached $4.56 per gallon, up 45% from a year earlier. Georgia and Mississippi were lowest at $4.01, while California was highest at $6.15. Road-trip plans dropped nearly 70%, though about 56% still plan at least one trip.

"GasBuddy, which tracks fuel pricing, said prices this summer could average $4.80 per gallon from Memorial Day through Labor Day, with the possibility of all-time highs if the Strait of Hormuz remains closed for a significant portion of the summer. The national average could easily exceed $5 later this summer if the war is still going."

"Prices have spiked since early March because of the war in Iran and the effective closure of the strait, through which 20% of global crude oil volumes typically flow. Prices are the highest since 2022, when Russia invaded Ukraine, but that year costs also fell sharply by the end of the summer-a development that appears unlikely to be repeated in 2026."

"Georgia and Mississippi were the cheapest states on average at $4.01 for a gallon of regular unleaded on May 20, while California unsurprisingly is the highest at $6.15-the only state above the dreaded $6 threshold, according to AAA. The national average was $4.56 per gallon, up 45% from $3.14 a year ago."

""Americans are going to pay billions more to get where they're going this summer and, even after the strait reopens, it could take a year or more for gas prices to fully recover," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Some states are already suspending gas taxes to ease the pain, and federal discussions are underway. Every bit of relief matters.""

Read at Fortune