NEW YORK – U.S. retail gasoline prices could hit an all-time high by the end of May due to ongoing problems at the nation’s oil refineries, automobile and travel group AAA said on May 2, according to Reuters. Gasoline prices have risen 30 cents since early April to $2.97 a gallon on average. Gasoline stockpiles in the United States have dropped by 15 percent since early February amid an unusually high number of refinery outages, alongside robust demand and low imports. AAA said it was “alarming” that gasoline prices were rising so high without the backdrop of a major geopolitical or natural event to disrupt supply, such as a hurricane or a new military flare-up in the Middle East. The U.S. government said earlier this week that gasoline prices could hit a record this summer, according to Reuters.

Originally posted on Fleet Financials