U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 on Tuesday.
NEW YORK — U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 on Tuesday as the Iran war pushed fuel prices to soar worldwide. According to motor club AAA, the national average for a gallon of regular gasoline is now $4.
02 — over a dollar more than before the war began. The last time The price is a national average, meaning drivers in some states have been paying well over $4 a gallon for a while now. Prices vary from state to state due to factors ranging from nearby supply to differing tax rates. Since the U.S. and Israel launched a joint war against Iran on Feb. 28, the cost of crude oil — the main ingredient in gasoline — has spiked and swung rapidly. That’s because the conflict has caused deep are also coping with higher gas prices due to the war. In Paris, for example, gas is at 2.34 euros per liter , which is about $10.27 a gallon.Higher gas prices are impacting consumers and businesses as many households continue to face wider cost of living strains. And as drivers pay more to cover necessities like gas, many may be forced to cut their budgets in other places. More expensive fuel can also push up other spending, from utility bills to the price of many goods consumers buy each day. In the immediate future, analysts point to groceries, which have to be restocked frequently and could also see price hikes as businesses’ transportation costs pile up. But hauling other cargo and packages has also been impacted. The United Postal Service, for example, is seeking a U.S. diesel prices — the fuel used for many freight and delivery trucks — is now going for an average of $5.45 a gallon, up from about $3.76 a gallon before the war began, per AAA.. That’s led to cuts from major producers in the region who have no way of getting their crude to market. Meanwhile, Iran, Israel and the U.S. have all struck oil and gas facilities, worsening supply concerns.temporarily Russia It’s not yet clear if those efforts will bring relief for consumers. A lot of factors contribute to gas prices. Refineries buy crude oil in advance, meaning some could be work with more expensive oil for a while, and it will take time for any new supply to trickle down to consumers. And while steep crude prices are a leading driver behind today’s surge, U.S. gas prices typically tick up a bit at this time of year. More drivers are hitting the road and trying to fuel up while they can, so there’s higher demand. Warming weather also brings a shift to summer blend fuel, which is more expensive to produce than winter blend.The U.S., which is a net oil exporter, hasn’t seen as stark a shock as other parts of the world that rely more heavily on fuel imports from the Middle East, Oil is a globally-traded commodity. And most of what the U.S. produces is light, sweet crude — but refineries on the East and West coasts are primarily designed to process heavier, sour product. As a result, the country also needs imports. Escalating geopolitical conflicts have disrupted oil flows and contributed to a surge in gas prices in the past. The U.S. average for regular gasoline climbed to its highest level of more than $5 a gallon Prices at the pump later fell from that record. Before Tuesday, per AAA data, the national average had stayed below the $4 mark since mid-August of 2022.Parents following school bus on field trip capture deadly collision on dashcam videoStudent shoots teacher at Texas high school before fatally shooting self, authorities sayFederal ‘God Squad’ exempts oil and gas drilling in the Gulf from endangered species rules14-year-old driver was mother of 1-year-old killed in suspected DUI crash
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