[Well-known strategist believes that the risk of gasoline prices reaching $5 per gallon before the U.S. midterm elections is "extremely high"] On September 11, senior commodity strategist Jeff Currie said that the average U.S. gasoline price will almost certainly reach $5 per gallon before the midterm elections because of the dangerous superimposed effect of scarcity of supply and currency depreciation. Gasoline prices of $5 a gallon are an important psychological threshold, especially as midterm elections on November 3 will determine control of Congress. Retail gasoline prices at the pump have not breached that level since the post-pandemic inflation surge in 2022, but the recent escalation of the U.S.-Iran war has pushed average prices above $4.29 per gallon as of Thursday. Diesel prices exceeded $6 per gallon for the first time.