Analysts and economists believe that a national average gasoline price of $5 per gallon is the psychological point that leads to significant demand destruction.

Data from the Bank of America Institute indicates that despite higher prices, only 10% of people surveyed intended to change their travel plans.

Target, Home Depot, and Lowe's have all warned investors about an expected shift in consumer behavior during the second half of the year due to higher costs.

U.S. oil refineries are currently prioritizing the production of jet fuel over gasoline because it generates higher profit margins.

Analysts believe a national average gasoline price of $5 per gallon is the psychological threshold that would lead to significant demand destruction.

A lack of crude oil supply, caused by the effective closure of the Strait of Hormuz due to the hypothetical war in Iran, is a primary driver of high gasoline prices.

Retailers including Target, Home Depot, and Lowe's have warned about a likely shift in consumer behavior during the second half of the year due to higher costs.

U.S. refineries are currently prioritizing the production of jet fuel over gasoline because it offers higher profit margins.

According to Bank of America Institute data, only 10% of people surveyed planned to change their travel plans despite higher prices.

According to some surveys, U.S. consumer pessimism about the economy is higher now than it was during the Great Depression.

Target, Home Depot, and Lowe's have all issued warnings about an expected shift in consumer behavior during the second half of the year due to higher prices.

The effective closure of the Strait of Hormuz is a contributing factor to the current lack of crude oil supply.

U.S. refineries are currently operating at high levels and prioritizing jet fuel production over gasoline because it offers higher profit margins.