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

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AI Summary
Gas prices in El Paso are nearing the $5 mark, a significant concern as the summer driving season approaches. Currently, the national average stands at $4.52 per gallon, with experts warning that prices could rise further due to ongoing instability in the global energy market, particularly following a 10-week closure of the Strait of Hormuz. As gasoline production has decreased by 340,000 barrels per day compared to last year, the demand remains high, leading to potential price surges. With Memorial Day travel expected to increase, drivers may face a substantial rise in fuel costs, making it crucial for residents to prepare for higher expenses at the pump.
Key Details: • Gas prices are currently at $4.52 per gallon, with a potential rise to $5. • Memorial Day weekend is expected to see 39.1 million travelers, increasing demand for gas. • Gasoline production is down by 340,000 barrels per day compared to last year, impacting supply. • The Strait of Hormuz is anticipated to reopen in June, which could help stabilize prices, but normalization may take months.