U.S. Gas Prices Surge Past $4 Due to Iran War and Hormuz Shutdown
Key Takeaways
- National average gasoline tops $4 per gallon for first time since 2022.
- Iran war and Strait of Hormuz disruption drive higher oil prices and pump costs.
- AAA reports national average around $4.02, with regional variations.
Gas Prices Hit Four-Year High
The average price of gasoline in the U.S. surged past $4 for the first time since 2022.
AAA reported the national average at $4.02, over a dollar higher than when the war began.
The price of diesel rose to $5.45 a gallon, expected to feed through to higher food costs.
Hormuz Closure Sends Prices Soaring
The effective closure of the Strait of Hormuz has disrupted oil production and transportation.
Brent crude and U.S. crude rose above $100 per barrel for the first time since the Ukraine war.
Oil prices surged more than 50% since the Iran war began.
Trump Pushes Allies to 'Get Your Own Oil'
Trump urged allies to go to the Strait and take their own oil.
“One of Fox News' analysts aligned with the Republicans says: I will say it again, the situation isn't good”
The EPA was temporarily lifting some regulations to increase gas supplies.
Congressional Democrats demanded briefings on the war's legality.
Global Ripples Emerge
The surge in U.S. fuel prices was mirrored globally.
Polish prices for 95-octane gasoline and diesel also rose.
Energy supply disruptions had cost the Gulf Cooperation Council $44 billion.
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