The average retail price of gasoline in the United States has surpassed the psychological threshold of $4.50 per gallon for the first time since July 2022, with prices in California reaching $6.14. This sharp increase is driven by a 58% rise in global Brent crude prices since February 28, 2026, due to the blockage of the Strait of Hormuz.

The market situation is further complicated by domestic issues faced by oil refineries. According to Patrick De Haan, an analyst at GasBuddy, the closure of the Strait of Hormuz is steadily pushing oil and gasoline prices higher, with challenges at domestic refineries also contributing to the situation. A recent outage at BP’s Whiting refinery, with a capacity of 440,000 barrels per day, led to the shutdown of processing units, exacerbating local shortages.

Investment bank Morgan Stanley has reported an unusually rapid drawdown in fuel inventories across the country. In the last week of April alone, stocks fell by 6 million barrels, reaching 222.3 million barrels as of April 24, 2026. This figure is 2 million barrels below the five-year seasonal average. Meanwhile, demand remains stable, with average daily consumption over the past four weeks totaling 8.95 million barrels, which is 1% higher than the same period last year.