Buckeye residents heading into the Memorial Day holiday weekend are facing the highest gasoline prices seen in four years, according to new reports from AAA and GasBuddy, as global oil market tensions continue pushing fuel costs upward.
The average price of gas in Buckeye on Friday was $4.85 per gallon, significantly higher than the national average..
AAA reported Thursday that the national average price for a gallon of regular gasoline climbed to $4.56, up 3 cents from last week and $1.38 higher than the same period last year. The average is nearing the $4.61 per gallon motorists paid during Memorial Day weekend four years ago.
At the same time, GasBuddy reported a slightly lower national average of $4.47 per gallon, down 1 cent from the previous week but still more than $1.30 higher than a year ago. Diesel prices averaged $5.61 nationally.
Industry analysts said rising travel demand and geopolitical uncertainty are combining to keep fuel prices elevated as the busy summer driving season begins.
AAA cited the prolonged disruption of shipping flows through the Strait of Hormuz as a key factor behind continued price pressure. The waterway is one of the world’s most critical oil transit routes, and ongoing tensions involving Iran have heightened fears of potential supply disruptions.
Patrick De Haan, head of petroleum analysis at GasBuddy, said oil markets initially showed signs of easing after hopes emerged that diplomatic discussions between the United States and Iran could stabilize supplies. However, those expectations weakened following a recent meeting between President Donald Trump and Chinese President Xi Jinping that failed to produce progress related to Iran.
“With global oil inventories continuing to trend toward historically tight levels, markets remain extremely sensitive to geopolitical developments and potential supply disruptions,” De Haan said. “Gasoline and diesel prices are likely to remain volatile.”
Oil prices rose significantly over the past week despite some modest pullbacks in Monday trading. West Texas Intermediate crude traded above $105 per barrel early Monday, compared with roughly $98 a week earlier. Brent crude remained above $109 per barrel.
Analysts said continued uncertainty surrounding Middle East diplomacy and oil shipping routes is likely to keep markets highly reactive in the near term.
The U.S. Energy Information Administration reported that domestic crude oil inventories fell by 4.3 million barrels during the week ending May 8, while gasoline inventories dropped by 4.1 million barrels. Gasoline supplies are now about 5% below the five-year seasonal average.
Refinery utilization increased to 91.7%, though implied gasoline demand dipped slightly to 8.75 million barrels per day.
According to GasBuddy, the most common gasoline price motorists encountered nationwide was $4.19 per gallon, while the median price stood at $4.29.
Texas continued to post some of the nation’s lowest average gasoline prices at $3.92 per gallon, followed closely by Louisiana and Oklahoma. California maintained the highest statewide average at $6.11 per gallon, ahead of Washington and Hawaii.
Electric vehicle charging costs remained unchanged nationally, with AAA reporting an average public charging price of 41 cents per kilowatt hour.
Analysts warned that fuel prices could remain unstable throughout the summer as traders continue responding to developments involving U.S.-Iran negotiations, oil exports and global inventory levels.
