U.S. Gasoline and Diesel Prices Reach Seasonal Highs Amid Rising Inflation

U.S. gasoline and diesel prices have surged to historic seasonal highs, posing a significant challenge for consumers ahead of summer travel. According to Jin10, data from the American Automobile Association (AAA) indicates that the average gasoline price on Monday was $4.12 per gallon, surpassing the previous record of $4.07 set on the same date in 2022. Meanwhile, the national average diesel price reached $5.65 per gallon, over 60 cents higher than the record high in 2022. The disruption of shipping through the Strait of Hormuz has driven up crude oil prices, leading to the most significant inflationary increase in the U.S. in nearly four years. The rising costs of gasoline and diesel are also impacting airfare, food, and transportation expenses. Since late February, following U.S. and Israeli strikes on Iran, gasoline prices have increased by more than $1.10 per gallon. U.S. Energy Secretary Wright stated on Tuesday that gasoline prices are likely to remain elevated for several weeks.