Gas Prices Hit Highest Memorial Day Level Since 2022, Ross Gerber Says Lower Costs Are 'Critical For The Economy'

Investor Ross Gerber of Gerber Kawasaki on Monday stressed the importance of lower gas prices as costs at the pump on Memorial Day were the highest since Russia’s invasion of Ukraine.

Lower Gas Prices Critical For Economy

In a post on X, Gerber shared that markets would “react very positively” if oil prices continue to fall. “It’s critical for the economy to see lower gas prices asap,” he said, quoting a post by Mohamed A. El-Erian that shared oil prices falling as the U.S. and Iran shared that negotiations were progressing.

Gas Prices Highest Since 2022

Gas prices in the U.S. were the highest on Memorial Day this year since Russia’s invasion of Ukraine in February 2022, according to a Business Insider report on Monday. According to data collected by the American Automobile Association (AAA), the national average gas price was $4.507/gallon, with the price hitting $4.515 on Sunday.

According to the Energy Information Administration (EIA) data, the average national price for gas back in May 2022 was $4.545/gallon as the war progressed. Meanwhile, GasBuddy analyst Patrick De Haan said that oil prices were likely to fall only after consistent, sustained passage of ships through the Strait of Hormuz.

Oil Fluctuates, US Conducts Strikes

Oil prices remained volatile as talk of a possible deal sparked optimism in the market, with the West Texas Intermediate (WTI) crude at $91.45/bbl at press time, down 5.33%. On the other hand, Brent crude grew 1.73% to 97.80/barrel. The United States Oil Fund (NYSE:USO), an ETF that tracks WTI, also grew 2.07% during the after-hours trading session on Friday.

However, the U.S. conducted strikes at purported Iranian missile launching sites, as well as on Iranian boats. The U.S. Central Command said that the strikes came as the boats were allegedly placing underwater mines in the area. President Donald Trump also touted an “unparalleled world coalition,” urging Iran to sign an agreement with the U.S.

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Photo courtesy: Shutterstock/ Jeff McCollough