Gasoline costs 50% more in the US than it did before the Iran war
AAA said the average U.S. price climbed 50% as crude costs rose after the Strait of Hormuz was effectively shut.
- AAA reported gasoline prices spiked 31 cents to an average of $4.48 per gallon on Tuesday, representing a 50% increase since the Iran War began and hitting drivers nationwide.
- The Trump administration's decision to block Iranian oil exports forced global prices higher, while the effective closure of the Strait of Hormuz disrupted critical supply routes transporting a fifth of the world's crude oil.
- Rob Smith, director of global fuel retail at S&P Global Energy, noted a fundamental global supply shortfall continues exerting upward pressure on prices, while crude oil accounts for about 51% of gasoline costs, according to the Energy Information Administration.
- Oil markets remain exquisitely sensitive to White House announcements, Bob Kleinberg of the Columbia University Center on Global Energy Policy said, with traders reacting sharply to news regarding Persian Gulf diplomacy or shipping attacks.
- Jim Krane, energy research fellow at Rice University's Baker Institute, warned that even if the conflict resolves, a risk premium will persist for months, making it difficult to convince shippers the Strait region is safe again.
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U.S. President Donald Trump's approval ratings, in numerous polls, were weak even before he went to war against Iran in late February. But the war is making him even more unpopular in polls. A Washington Post/ABC News/Ipsos poll released in early May found Trump's overall approval at 37 percent, although his numbers were lower than that on inflation (27 percent), the cost of living (23 percent) and the economy (34 percent).According to Wall Stre…
The price of a gallon (3.8 liters) of regular gasoline in the US rose by 31 cents (0.26 euros) in the past week.
Why gasoline costs 52% more in the U.S. than it did before the Iran war
The price of a gallon of regular gasoline in the U.S. climbed 31 cents in the past week, spiking to an average of $4.54 per gallon Wednesday, a price 52% higher than before the war with Iran began, according to AAA data.
The price of a gallon (3.8 liters) of regular gasoline in the US rose by 31 cents (0.26 euros) in the past week, reaching an average of $4.54 per gallon (1.02 euros per liter) on Wednesday, 52% more expensive than before the war with Iran, according to the American Automobile Association (AAA).
You're paying 50% more for gas than you did before Trump went to war in Iran
The price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon Tuesday, according to AAA, hitting the wallets of drivers after rising 50% since the war with Iran began. The main reason drivers are paying more at the pump is because of the global energy crisis caused by the Iran war. The price of crude oil, which is the main ingredient in gasoline, has been climbing for most of the past two …
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