More gasoline price shocks might hit US drivers this summer travel season [View all]
Source: Reuters
May 20, 2026 5:35 PM EDT Updated 11 hours ago
NEW YORK, May 21 (Reuters) - As millions of travelers hit the road for the U.S. Memorial Day holiday weekend, high gasoline prices fueled by ongoing supply disruptions from the war with Iran are set to add financial strain for motorists, kicking off what is set to become a pricier summer travel season.
U.S. retail gasoline prices have jumped more than $1.50 per gallon, or about 45%, since late February, when the United States and Israel launched attacks on Iran. Prices for crude oil used to make gasoline have also surged, along with prices for many goods, as the conflict has led to the effective closure of the Strait of Hormuz, a key trade conduit through which roughly 20% of the world's oil consumption flows.
President Donald Trump is facing mounting political pressure as households grapple with higher energy costs. Several states are already suspending gas taxes to ease the pain at the pump, and similar discussions about reducing the 18.4-cent federal gasoline tax are underway.
This Memorial Day weekend, a three-day weekend during which many Americans take to the road, will kick off the summer travel season. Even with higher gas prices, a record of 39.1 million people are expected to travel by car and 3.66 million by plane to their destinations, according to American Automobile Association (AAA) data.
Read more: https://www.reuters.com/business/energy/more-gasoline-price-shocks-might-hit-us-drivers-this-summer-travel-season-2026-05-20/
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