Gas prices are surging nationwide, hitting the highest average since July 2022 on Wednesday. A leading gas price tracking expert says the pain could continue in the coming months and impact summer vacations.
Gas Prices Surge Nationwide
On Wednesday, the national average price of gasoline hit $4.23 per gallon. This marked the highest national average since July 2022. It comes amid the Strait of Hormuz remaining closed in the Middle East, impacting worldwide oil exports.
Patrick De Haan, known on social media as GasBuddyGuy, tweeted Wednesday that gas prices could soon hit $4.30 per gallon on average nationwide if the pace of increases matches early March.
With the prolonged blockage of the Strait of Hormuz, De Haan said that consumers in the Great Lakes states of Michigan, Indiana, Illinois, Wisconsin and Ohio in particular should expect big price hikes.
Here are the current gas price ranges for those states:
- Michigan: $4.49 to $4.69 per gallon
- Indiana: $4.29 to $4.59 per gallon
- Illinois: $4.69 to $4.99 per gallon
- Wisconsin: $4.19 to $4.39 per gallon
- Ohio: $4.39 to $4.59 per gallon
"Add 20-30 cents/gallon to these for what I expect today to hit gas pumps in the next few hours," De Haan tweeted Wednesday.
De Haan also issued a warning about rising gas prices and what will happen if the Strait remains closed.
"Lawmakers have a narrow window to reverse course and fully restore the Strait. If that doesn't happen soon, Americans will start changing their summer travel plans," De Haan tweeted.
Consumers will "not forget" the higher gas prices when they vote in the 2028 midterm elections, De Haan predicts.
Summer Travel Disruption
Many industries rely on tourism, and summer can be one of the top seasons for vacations, cruises, and trips across the country and worldwide. Rising prices due to inflation and tariffs have already hurt some sectors and consumers and the higher gas prices could make vacations cost even more.
De Haan estimates that some consumers will ultimately cancel their summer vacation plans. This could mean taking shorter trips or not leaving home at all, due to the rising gas prices and other costs.
There are multiple industries that could be impacted if De Haan's prediction comes true.
Among them are airline stocks, which are feeling the pinch of higher fuel costs and reduced domestic travel.
Southwest Airlines (NYSE:LUV) recently reported quarterly financial results and said it would not update its guidance due to "macroeconomic uncertainty. The airline also said it needs lower fuel prices and stronger revenue to offset "higher fuel expense."
The U.S. Global Jets ETF (NYSE:JETS) could be on watch with lower vacation spending this summer.
Cruise companies like Carnival Corporation (NYSE:CCL) and Royal Caribbean Cruises (NYSE:RCL) rely on ships full of passengers to keep their revenue and earnings in line. Higher gas prices could see consumers delay their cruises or cancel their already booked trips.
Carnival recently said that demand trends were robust in the recent quarter with 2026 bookings up by double digits. These strong bookings likely came before the higher gas prices.
Online travel companies like Booking Holdings (NASDAQ:BKNG) and Expedia Group (NASDAQ:EXPE) could be hurt by fewer consumers taking trips this summer. Booking recently reported quarterly financial results and hinted that rising gas prices are having an impact.
"We expect the impact of the situation in the Middle East will be higher in the second quarter than it was in the first quarter," Booking CEO Ewout Steenbergen said.
The Booking CEO said March had the "highest concentration of cancellations."
Gas prices could continue to rise in 2026 as the Middle East conflict wages on. Based on De Haan's prediction, sectors and companies impacted by summer travel may need to adjust guidance and/or look for other revenue opportunities.
Image via Shutterstock
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