Average US gas prices soar past $4 a gallon
AP News • • general
Key Points:
- U.S. gas prices have surpassed $4 per gallon for the first time since 2022, driven by the Iran war's impact on global fuel prices and supply disruptions in the Middle East.
- The national average for regular gasoline is $4.02, over a dollar higher than before the conflict began, with some states already experiencing prices well above $4 due to varying local factors.
- Rising fuel costs are straining household budgets and increasing prices for goods and services, including groceries and shipping, with diesel prices also sharply rising to $5.45 per gallon.
- In response, the International Energy Agency announced plans to release 400 million barrels of oil from emergency reserves, and the U.S. has eased sanctions on Venezuela and Russia while waiving certain shipping laws to boost supply.
- Despite being a net oil exporter, the U.S. remains vulnerable to global oil price fluctuations due to refinery requirements and international market dynamics, similar to the price spikes seen after the Ukraine war began in 2022.
