President Trump rejected Iran’s counterproposal to end the war, raising Kalshi traders’ expectations for a surge in gasoline prices.
The odds of fuel prices surpassing $5 per gallon topped 60% on Kalshi as of yesterday afternoon.
AAA data says that average price currently sits at $4.50 per gallon nationwide.
The current average price for a gallon of regular in New Orleans is $3.98. If Kalshi is correct, that will jump to around $4.48.
The highest price ever was back in June of 2022, when regular hit an average of $4.53 in New Orleans. The highest national average was also during the pandemic, when the price at the pump hit $5.01.
