U.S. Gasoline Prices Expected to Hit Record High Over International Workers' Day Holiday, Exceeding $4 per Gallon

[Financial News] Gasoline prices in the United States are expected to reach a record high during the International Workers' Day holiday as international oil prices remain elevated in the aftermath of the war in the Middle East.
According to British media outlets on the 5th local time, Patrick De Haan, an analyst at price-tracking firm GasBuddy, forecast that "the national average gasoline price in the United States will reach $4.03 per gallon on the 7th, International Workers' Day." This would be well above the previous record of $3.83 per gallon set in 2012.
De Haan said, "Gasoline prices themselves are not at an all-time high, but for this time of year, they are at the highest level ever," adding, "Americans may see the national average gasoline price exceed $4 per gallon on International Workers' Day for the first time ever."
In related developments, the national average gasoline price in the United States was about $4.13 per gallon on the 3rd, nearly $1 higher than last year's average. The American Automobile Association (AAA) recorded a national average of $4.14 per gallon on the same day. With gasoline prices exceeding $4 per gallon ahead of the International Workers' Day holiday, when road travel typically increases sharply, household travel and spending burdens are expected to grow.
Upward pressure is also mounting on the prices of refined products such as diesel and heating oil. The U.S. diesel price stood at $5.85 per gallon as of the previous day, surpassing the previous record of $5.82 set in June 2022.
With the midterm elections two months away, soaring gasoline prices are also becoming a burden for Donald Trump and the Republican Party. Gasoline prices are one of the economic indicators most directly felt by U.S. consumers and therefore influence perceptions of the broader economy.
President Trump has pledged to lower energy costs. Recently, he has also stepped up criticism of refiners and fuel retailers, accusing them of profiting from high prices at gas stations.
[email protected] Hong Chae-wan Reporter