El Paso Drivers Brace for Potential $5 Gas Prices This Summer

Gas prices are nearing $5 per gallon, a significant increase from $2.98 earlier this year, raising concerns for El Paso residents as the summer driving season approaches. Experts predict that gasoline could reach this threshold despite crude oil prices not hitting record highs. The ongoing conflict in the Middle East has disrupted supply chains, particularly affecting gasoline and diesel production, which is down by 340,000 barrels per day compared to last year. With Memorial Day weekend expected to see a record 39.1 million travelers, drivers may face steep costs at the pump, with filling a typical 14-gallon tank potentially costing $70 if prices reach $5. The reopening of the Strait of Hormuz is anticipated to alleviate some supply issues, but a return to normal prices may take months, if not longer.

Key Details: • Gas prices currently average $4.52 per gallon, up from $2.98 earlier this year. • Memorial Day weekend is projected to have 39.1 million travelers, increasing demand. • Filling a 14-gallon tank could cost $70 if gas reaches $5 per gallon. • Gasoline production is down by 340,000 barrels per day compared to last year. • Reopening the Strait of Hormuz is expected in June, but prices may not normalize quickly.