Prediction markets traders think gas prices will hit new highs in 2026
A sign displays unleaded gasoline and diesel fuel prices at a Shell gas station in San Jose, California, Sept. 10, 2026. David Paul Morris | Bloomberg | Getty Images 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 AAAs data. Tensions between the U.S. and Iran have escalated in recent weeks, putting in doubt the status of the Strait of Hormuz, a critical passageway for the global supply of oil, and pushing the commoditys price higher. On Monday, West Texas Intermediate crude futures were higher by









