Patrick De Haan warned U.S. gasoline prices could stay above $4 per gallon beyond August 8 for the first time on record, calling the potential milestone concerning.
On Tuesday, the GasBuddy analyst said U.S. gas prices are on track to set a new record for the highest average price ever recorded for August 5, with the national average currently at $4.08 per gallon and expected to surpass even 2022 levels within about "7 days."
"August 5th will be the date we're able to say the national average is at its highest level ever for the date," he wrote on X.
In another post, he mentioned that so far Americans have spent "$356 million more" on gasoline than they did a year back.
Gas Price Outlook Hinges on De-escalation
Last week, De Haan said that U.S. gas prices could rise another 5–15 cents per gallon over the next one to two weeks, with future trends depending on U.S.-Iran tensions.
He added that Ukrainian strikes on Russian refineries and Russia's diesel export restrictions have tightened global fuel supplies, while any de-escalation could help bring prices down.
The analyst also highlighted the "intertwined" nature of the global economy as a key reason Russia's refinery troubles could push fuel prices higher.
Notably, the U.S. national average price of gas stood at $4.09/gallon, while the national average price of diesel was $5.329/gallon, according to data from the American Automobile Association (AAA).
Speaking at General Motors Co. (GM) Milford, Michigan, facility, President Donald Trump claimed the United States has a "thousand-year supply of gasoline" and said China lacks comparable energy resources. He also argued that including Venezuelan supplies means the U.S. has even greater overall oil availability.
Despite a sharp drop in global oil prices as the U.S. and Iran paused hostilities, gasoline prices at the pump may remain elevated even as crude oil becomes cheaper.
Iran Escalates War
However, on Tuesday, U.S. Central Command said Iran launched missiles at U.S. forces in the Middle East in an attempted surprise attack, but all were intercepted.
Iran's IRGC said it targeted a U.S. air base and command center in Jordan in retaliation for alleged U.S. aggression and also claimed its naval forces struck three oil tankers in the Strait of Hormuz after accusing them of following an "unsafe and illegal route."
