WASHINGTON: The U.S. national average for regular gasoline rose to $4.457 a gallon on Monday, according to AAA, putting pump prices at their highest level since July 2022 just as the summer driving season approaches. The reading was up from $4.446 a day earlier, $4.111 a week earlier and $3.165 a year earlier. The move pushed the national average above the $4.45 mark ahead of Memorial Day travel, when seasonal road demand in the United States typically begins to strengthen.
AAA said last week that the national average had already climbed 27 cents in one week after a brief pullback, with higher crude oil prices feeding through to retail fuel costs. Even with the latest rise, the current figure remains below the national record of $5.016 a gallon set on June 14, 2022. The latest increase nonetheless marks a renewed run-up in fuel costs after prices had shown signs of easing in the middle of April.
Latest data from the Energy Information Administration showed U.S. gasoline demand edging up to 9.10 million barrels a day, while total gasoline stocks fell to 222.3 million barrels from 228.4 million barrels a week earlier. Gasoline production averaged 9.8 million barrels a day. Those figures pointed to a tighter market as motorists consumed more fuel and inventories moved lower, a combination that coincided with higher retail prices across the country.
Gas Supplies Tighten Nationwide
Price increases have been uneven across the country, with the highest statewide averages concentrated on the West Coast and in non-contiguous states. AAA listed California at $6.114 a gallon on May 4, the highest statewide average in the nation, followed by Washington at $5.673 and Hawaii at $5.639. The latest national map also showed large parts of the West and pockets of the Midwest and Northeast posting averages well above the U.S. figure.
EIA data for the latest reporting week also showed gasoline inventories falling by 6.08 million barrels, leaving stockpiles nearly 3% below the five-year average. At the same time, refinery disruptions and seasonal maintenance limited the market’s ability to rebuild supplies quickly, even with refineries operating at about 90% of capacity. Earlier this year, the Energy Information Administration had projected U.S. retail gasoline prices would average nearly $4.30 a gallon in April and about $3.70 for 2026 as a whole, both below the current national reading.
Summer Travel Nears
The timing of the increase is significant because the U.S. summer driving season typically starts around Memorial Day in late May and runs through Labor Day in September. Higher gasoline prices heading into that period raise transportation costs for households and businesses at a time when road travel generally accelerates. AAA has been tracking the national average above $4 since early April, showing that the latest move is part of a broader spring climb rather than a one-day jump.
The national average is now about 56 cents below the 2022 record but nearly $1.30 above where it stood a year ago, illustrating how sharply conditions at the pump have tightened in recent weeks. With regular gasoline at $4.457 a gallon and diesel at $5.641, motorists are entering the busiest travel stretch of the year facing the steepest fuel costs seen in nearly four years. The latest AAA and EIA figures leave U.S. gas prices at their highest level since July 2022 as summer travel approaches. – By Content Syndication Services.