Americans brace for pricey summer travel with fuel costs near multi-year highs
Key takeaways
- US average retail petrol prices have been hovering above $4.50 since early May, about 45% higher than levels before the United States and Israel launched attacks on Iran in late February.
- The $4 per gallon mark, breached more than a month ago in most parts of the U.S., is widely seen as a major psychological barrier for consumers.
- President Donald Trump is facing mounting political pressure ahead of November’s midterm elections as households grapple with rising costs.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Soaring petrol prices and a looming fuel crunch from the Iran war are not stopping American travelers from taking to the road as the US summer driving season kicks off this weekend, although some are planning shorter trips to cut down on costs.
US average retail petrol prices have been hovering above $4.50 since early May, about 45% higher than levels before the United States and Israel launched attacks on Iran in late February. Prices for crude oil used to make petrol have also surged, along with many goods, as the conflict has led to the effective closure of the Strait of Hormuz, a key trade conduit through which roughly 20% of the world’s oil consumption flows.
The $4 per gallon mark, breached more than a month ago in most parts of the U.S., is widely seen as a major psychological barrier for consumers. That milestone was last reached in August 2022 after Russia invaded Ukraine.