National average gas price reaches $4.45 before summer driving season
California leads at $6.10 per gallon while diesel surges to $5.64, up $2.09 from a year ago
Gas prices could hit $5 by Memorial Day as US oil exports reach record highs
FOX Business correspondent Lauren Simonetti reports on rising crude oil prices as analysts forecast $5-a-gallon gas prices by Memorial Day amid Middle East tensions near the Strait of Hormuz on ‘Varney & Co.’
Gas prices are entering the summer driving season at record levels, with the national average hitting $4.45 on May 2—the highest ever for that date.
That’s up about $1.28 from a year ago, according to AAA, with prices rising across nearly every region.
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The milestone underscores ongoing volatility in fuel markets, driven in part by the escalating conflict involving Iran, which has disrupted global oil supplies and pushed crude prices higher.
It also suggests the usual seasonal run-up is starting from a much higher baseline. For consumers, that likely means higher transportation costs and continued pressure on household budgets.
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People fuel vehicles at a gas station in Los Angeles, on Nov. 15, 2021. (Zeng Hui/Xinhua via Getty Images)
West Coast drivers are seeing the highest costs, with prices reaching $6.10 per gallon in California and $5.67 in Washington. Meanwhile, on the East Coast, gas prices have surpassed $4 in several areas, including $4.48 in Washington, D.C., and $4.52 in Pennsylvania.
Meanwhile, in the Midwest, Illinois stands out at $4.93 per gallon, while much of the region remains in the mid-$4 range. While Southern states remain comparatively cheaper, prices are climbing there as well, with Georgia at $3.85, Texas at $3.92 and Florida higher at $4.34.
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A person is seen grabbing the nozzle for diesel fuel at a gas station. (Rebecca Noble/Bloomberg/Getty Images)
Beyond gasoline, other fuel costs are rising even faster. Diesel has climbed to $5.64, up about $2.09 over the past year. As a key fuel for freight, shipping and public transportation, it is especially sensitive to supply disruptions — and its rising cost can quickly ripple through the broader economy, pushing up prices on everything from groceries to goods.
The surge underscores the broader economic risks tied to the standoff, as uncertainty around the Strait of Hormuz continues to weigh on energy markets.