Gas Prices Could Hit $4.80, Threatening Summer Travel

The average price of a gallon of gas in the U.S. could soon hit $4.80, according to a leading fuel analyst. Patrick De Haan of GasBuddy warns this summer could be the most expensive at the pump in years, potentially exceeding the 2022 average of $4.43 if the Strait of Hormuz remains closed.

The national average already stood at $4.55 on May 20, up sharply from $4.04 a month earlier. De Haan says prices are expected to keep climbing as the Iran conflict continues and global oil inventories tighten.

States Hit Hardest

California leads the nation with an average of $6.14 per gallon, followed by Washington at $5.78, Hawaii at $5.64, Oregon at $5.35, and Nevada at $5.27.

What Drives the Price?

Crude oil costs account for 51% of the price at the pump, with refining at 20%, taxes at 18%, and distribution and marketing at 16%.