US EditionU.S. National Average Gas Price Hits $4 a Gallon for First Time Since August 2022
The national average gas price rose over $1 in one month amid Middle East conflict disrupting about 20% of global oil supply, AAA reported.
- On Monday, the U.S. national average price for regular gasoline climbed to $4.018 per gallon, marking the first time prices exceeded $4 since August 2022, according to the American Automobile Association.
- Rising fuel costs stem from the ongoing conflict between the U.S. and Iran, which has disrupted global oil flows and effectively closed the Strait of Hormuz, where roughly 20% of global oil supplies typically transit.
- Americans have spent nearly $8 billion more on gasoline over the past month as diesel prices surged to an average of $5.45 per gallon, straining household budgets and freight transportation.
- The administration released 172 million barrels from the Strategic Petroleum Reserve and issued a 60-day waiver of the Jones Act, though analysts question whether these measures will meaningfully stabilize prices.
- Experts warn gasoline could approach $5 per gallon if supply bottlenecks persist, with economist Jeremy Siegel noting that "when that price jumps it hits psychology immediately," affecting consumer spending broadly.
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118 Articles
US motorists are increasingly feeling the effects of the Iran war. The average price of gasoline in the United States has risen above four dollars per gallon.
Gas prices rose to $5.88 per gallon in California, the state where gasoline is the most expensive in the country, said the AAAA, followed by Hawaii ($5.45) and Washington (northwest) to $5.34.
US gas tops $4 a gallon as Iran conflict drives sharp rise in fuel costs
U.S. gasoline prices on Monday topped $4 a gallon nationwide, adding pressure to household budgets as oil markets surge in response to the lingering Iran conflict.Data from GasBuddy showed the national average price for regular gasoline at $4.018 per gallon, with mid-grade at $4.541 and premium at $4.904. AAA data also confirmed the national average moving above the $4 threshold, reinforcing the upward trend in fuel costs.Prices have risen sharp…
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