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Gas prices continue to rise as Iran agrees to reopen Strait of Hormuz
AAA said higher crude costs and seasonal demand pushed the national average to $4.164 a gallon, with West Coast prices leading the country.
- The national average for a regular gallon of gas reached $4.164 on Wednesday, according to AAA, up from Tuesday's $4.140 average and marking the first time prices crossed $4 since 2022.
- Crude oil surpassed $100 per barrel in recent weeks, driven by escalating Middle East tensions following the February 28 U.S. and Israeli attack on Iran, which disrupted global energy supplies.
- Roughly half the pump price covers crude oil costs, while taxes account for nearly 20% of the price, and retailers keep about 10% after expenses, with markups averaging about 38 cents per gallon, according to NACS.
- Regional disparities are stark: California , Hawaii , and Washington report the nation's highest prices, while Oklahoma , Kansas , and North Dakota maintain the lowest averages.
- Seasonal demand from spring break travel continues to boost consumption, according to AAA, while White House Press Secretary Karoline Leavitt stated that once "Operation Epic Fury is complete, gas prices will plummet.
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‘Warflation’ Will Hit More Than Just Gas Prices
The war in Iran may be on pause, but its effects on prices are still in motion and will continue to ripple through the economy after more than a month of disruption to the global oil supply. Gas prices, for…
The average price of regular gasoline rose by 2 cents, to $4.16 per gallon, according to Wednesday’s latest reading of the AAA, even with the fall of oil futures following the announcement of a high price...
Coverage Details
Total News Sources41
Leaning Left1Leaning Right3Center29Last UpdatedBias Distribution88% Center
Bias Distribution
- 88% of the sources are Center
88% Center
C 88%
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