Gas prices ‘likely’ to shatter record of $5.03 a gallon this summer, experts warn
Experts predict that gas prices in the U.S. could exceed the record high of $5.03 per gallon this summer. The forecast is influenced by the ongoing closure of the Strait of Hormuz amid tensions between the U.S. and Iran. Many Americans are reconsidering their travel plans due to rising fuel costs.
- ▪Gas prices are expected to average $4.80 per gallon or higher during the summer months.
- ▪The closure of the Strait of Hormuz is a significant factor affecting gas prices.
- ▪As of now, gas prices are averaging about $4 a gallon in most states, with some states exceeding $5.
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US News Gas prices ‘likely’ to shatter record of $5.03 a gallon this summer, experts warn By Alex Oliveira Published May 20, 2026, 6:50 p.m. ET See more of our coverage in your search results. Add The New York Post on Google Drivers could be in for pain at the pump during the busy summer travel months, with an average of $4.80 per gallon or higher expected between Memorial Day and Labor Day. The dire forecast, from gas-tracking service GasBuddy released Wednesday, comes as the Strait of Hormuz remains shut as the US and Iran maintain a tenuous cease-fire in the Middle East. GasBuddy cautioned the national average could continue ticking up — beyond the record of $5.03 per gallon set in summer 2022 when Russia’s invasion of Ukraine rocked oil markets.
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