Summary
The average price of gasoline in the U.S. has risen to over $4 a gallon for the first time in nearly four years. This increase is due to the ongoing conflict in Iran, which has impacted the global oil supply. Higher crude oil prices and increased demand during spring break have contributed to the rise in fuel costs.
Key Facts
- The national average price for a gallon of regular gas in the U.S. is now $4.02.
- The price for diesel is $5.45, about $1.70 higher than before the conflict started.
- The conflict in Iran has led to the effective closure of the Strait of Hormuz, slowing energy production and transport.
- Crude oil prices have surged since the conflict began on February 28.
- Before the conflict, gas in the U.S. averaged $2.98 per gallon.
- AAA reports that increased gas demand during the spring break season is also pushing up prices.
- The last time gas prices were this high was in August 2022.
- While U.S. gas prices have increased, they are still below the record highs of June 2022.
