Prediction market traders think gas prices will hit new highs for the year

U.S. oil prices are again above $100 per barrel , sending gasoline prices to multi-month highs. But traders on prediction market platforms expect the amount Americans are spending at the pump will hit fresh highs this year. Gas prices peaked at $4.56 per gallon on May 21, according to AAA's national average . Now, traders on Kalshi think there's a 71% chance that the average will surpass $4.60 in 2026. Speculators on Kalshi also place 57% odds that prices will top $4.80 a gallon, and just over a 40% chance that they cross $5.00. U.S. gas prices last hit a record high of just over $5 per gallon in June 2022. On Kalshi, contracts in the market ask traders if gas prices will cross various price points. Contracts are resolved using AAA's data.