Average Gasoline Price Climbs 31 Cents in Past Week, Crossing $4.50 a Gallon
AAA said the national average rose nearly 6 cents overnight as diesel climbed toward a record high and shipping disruptions kept oil markets volatile.
- On Wednesday, the national average price for a gallon of regular gasoline reached $4.536, the highest level since July 2022, as tensions flare in the Strait of Hormuz.
- The Strait of Hormuz, a vital shipping route where roughly a fifth of the world's oil passes, remains effectively closed due to dueling blockades between the United States and Iran.
- California leads the country at $6.160 per gallon, while GasBuddy analyst Patrick De Haan noted that "refinery outages" in the Midwest exacerbated increases, though these issues have improved.
- Georgia Gov. Brian Kemp suspended the state's 33-cent excise tax and 37-cent diesel tax, while Kentucky Gov. Andy Beshear signed an executive order Tuesday to freeze his state's gas tax.
- Morgan Stanley analysts warned that U.S. gasoline stocks could drop below 200 million barrels by August, with the busiest driving season approaching and supply disruptions potentially persisting for weeks.
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15 Articles
Average gasoline price climbs 31 cents in past week, crossing $4.50 a gallon
The average price of gasoline in the U.S. reached $4.53 per gallon on Wednesday, according to AAA, an increase of 31 cents in a week and of 50 percent since the U.S. and Israel began their war against Iran. Iran has responded to the military operations by closing the Strait of Hormuz, a crucial oil...
Gasoline Prices Hit $4.50
Bloomberg: “The nationwide average retail price for regular unleaded gasoline rose to $4.54 a gallon on Tuesday, according to the American Automobile Association, and is now around 50 cents off the record $5.01 set in June 2022.” “On a seasonal basis, prices are already at an all-time high for this time of year.”
Average U.S. Gasoline Price Tops $4.50 to Near Four-Year High
The national average price of gasoline in the United States has just topped $4.50 per gallon, the highest level since the middle of July 2022, according to data from GasBuddy, as the Iran war drains fuel inventories and sends crude prices higher. Prices are now just $0.50 off the all-time high hit in June 2022, when the Russian invasion of Ukraine led to crude oil prices spiking to above $100 per barrel. Nationwide, the all-time high was set on …
King5 News
National average for gas surpasses $4.50 as Strait of Hormuz tensions persist
Another governor signed an executive order to freeze their state's gas tax as the national average for a gallon of regular gas jumps 6 cents overnight. (AP photo)
The average price in the United States of a gallon of regular gasoline — equivalent to 3,785 litres — rose 31 cents in the last week and reached $4.48 on Tuesday, according to data from the U.S. Automobile Association (AAA).
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