US Gas Prices Leap by 32 Cents, Threatening Further Retail Price Hikes

The Lundberg Survey has reported that US gasoline prices have risen by 32.1 cents per gallon in just two weeks, reaching a national average of $4.575 for regular grade.

This surge in prices brings the average close to its year-high reached in mid-May and is $1.30 higher than it was at this time last year.

The current price is also within 52 cents of the country's record high set in June 2022, which stood at $5.10 per gallon.

However, crude oil prices have pulled back over the past two weeks, with a decline of several dollars per barrel due to the possibility of a ceasefire agreement between the US and Iran.