NEW YORK (AP) — U.S. gas prices surged past an average of $4 a gallon for the first time since 2022, driven by soaring fuel costs worldwide in the wake of the Iran war. According to a report from the motor club AAA, the national average now stands at $4.02 per gallon of regular gasoline, over a dollar more than prior to the onset of the conflict. This pricing level marks the highest since the aftermath of Russia’s invasion of Ukraine nearly four years ago.
It’s important to note that the average gas price varies significantly by state, with some regions experiencing prices well above $4 for some time now. The significant rise in the cost of crude oil— a primary component of gasoline— can be attributed to the ongoing military tensions initiated by the U.S. and Israel against Iran since February 28. This conflict has led to severe supply chain disruptions and output cuts from major Middle Eastern oil producers, further fueling price volatility.
Rising gas prices are straining both consumers and businesses, with many households already grappling with broader cost-of-living challenges. As the price at the pump increases, families may find themselves needing to tighten budgets, potentially affecting spending in other vital areas.
It’s important to note that the average gas price varies significantly by state, with some regions experiencing prices well above $4 for some time now. The significant rise in the cost of crude oil— a primary component of gasoline— can be attributed to the ongoing military tensions initiated by the U.S. and Israel against Iran since February 28. This conflict has led to severe supply chain disruptions and output cuts from major Middle Eastern oil producers, further fueling price volatility.
Rising gas prices are straining both consumers and businesses, with many households already grappling with broader cost-of-living challenges. As the price at the pump increases, families may find themselves needing to tighten budgets, potentially affecting spending in other vital areas.
