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Gas Prices Top $4.50 a Gallon, Reaching Highest Level Since July 2022
Analysts say war-driven crude costs and refinery disruptions are pushing prices higher, with Americans spending at least $24 billion more on gasoline since the conflict began.
- On Wednesday, the national average for regular gasoline surged above $4.50 per gallon, marking the highest level since July 2022 as Persian Gulf tensions disrupted global oil supplies.
- Closure of the Strait of Hormuz restricts tanker passage, with the war-induced supply shock accounting for about 85% of recent price increases according to GasBuddy analyst Patrick De Haan.
- California leads the nation at $6.16 per gallon, while U.S. gasoline inventories fell to 222 million barrels by April 24, the lowest since December and more than 2 million barrels below seasonal average.
- President Donald Trump paused 'Project Freedom,' a naval escort operation, citing "great progress" toward a final agreement with Iranian representatives while maintaining the blockade.
- GasBuddy analyst Patrick De Haan expects prices to remain above $4.50 this summer if the Strait of Hormuz stays closed, as refinery disruptions compound supply constraints.
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52 Articles
U.S. Gasoline Tops $4.50 As "Shock & Awe" Level Approaches
U.S. Gasoline Tops $4.50 As "Shock & Awe" Level Approaches WTI futures plunged more than 11% to the $90-a-barrel level after Axios reported earlier this morning that the U.S. is nearing a preliminary agreement with Iran to end the war. The sharp decline suggests traders are beginning to price in a potential geopolitical de-escalation and the potential reopening of the Hormuz chokepoint. At the pump, however, the latest AAA data as of Wednesday m…
·United States
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Total News Sources52
Leaning Left9Leaning Right10Center27Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 19%
C 59%
R 22%
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