Kalshi traders see higher gas prices lasting through election day
Drivers buy gas at a station in Chicago, Illinois, on June 9, 2026.
Scott Olson | Getty Images
WTI Crude 5-day chart.
On Thursday, national average gas prices were $3.84, up 5 cents from the previous day, according to AAA. This increase comes as U.S. oil prices rose from about $68 per barrel on Monday to as high as $75 per barrel on Wednesday. However, WTI crude oil fell below $72 per barrel on Thursday.
While traders in Kalshi think gas prices will remain high for longer, they also do not see them returning to new highs. They put the chance of gasoline prices surpassing $4.60 this year at just 43%, although that was about a one-in-three chance before the resumption of hostilities between the United States and Iran.
The highest gas prices in 2026 were May 21, when the average reached $4.56. Before the war with Iran began, the national average for U.S. gas prices was less than $3 per gallon.
Disclosure: CNBC and Kalshi have a business relationship that includes customer acquisition and minority investment.
