US Gas Prices Nearing Record Territory Amid Global Fuel Market Disruptions

Gas prices in the US are nearing record territory after increasing by over 40 cents in the past month to an average of $4.47 per gallon, according to AAA.

This is less than 10 cents below the all-time high of $4.56 set on May 21.

Energy expert Ed Hirs from the University of Houston warns that prices could reach $5 nationwide and even higher in individual markets if fuel shortages develop.

Hirs attributes this possibility to reduced crude-oil flows, pressure on refineries entering seasonal maintenance periods, and ongoing disruptions in the Middle East.