US gasoline crosses $3 per gallon mark in test of Trump's Iran war
National average gasoline prices rose 11 cents overnight to $3.11 amid U.S.-Israel strikes on Iran and refinery shifts to costlier summer fuel blends, AAA reported.
- This week, Michigan drivers saw their average gas price rise 24 cents, including a 12-cent jump to about $3.24, AAA said.
- Escalating U.S.-Iran clashes pushed crude prices higher, while the Energy Information Administration's May 1 shift to summer-grade gasoline added seasonal pressure.
- U.S. crude rose 8.6% to $77.36 per barrel on Tuesday, while Brent oil trades just over $84 amid Iranian threats to tanker movement at the Strait of Hormuz.
- Michigan drivers now face gas prices slightly above the national average of about $3.20, which is 10 cents higher than Tuesday, contributing to Dow Jones Industrial Average declines.
- Analysts note that markets often shake off conflicts if oil stays steady, while Adrienne Woodland, spokesperson for AAA-The Auto Club Group, said drivers haven't seen such spikes since March 2022 despite six U.S. service members killed.
255 Articles
255 Articles
Average gas price exceeds $3 nationwide for first time since November
The average price of regular gas nationwide rose to $3.015 per gallon on March 2, exceeding $3 for the first time since the end of November as the United States and Israel wage war with Iran. People’s receipts for a tank of regular gas rose an average of $0.078 per gallon from Feb. 23, when gas was $2.937 per gallon. The average price of regular gas is still $0.063 less per gallon than one year ago and $0.335 less than two years ago under the Bi…
Michigan gas prices jump 24 cents as Iran conflict escalates
Gas prices across Michigan surged 24 cents in a week, including a 12-cent spike in one day, bringing the statewide average to about $3.24 per gallon, according to AAA. The increase follows rising crude oil prices tied to escalating conflict between the US and Iran.
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