Gas prices are up across the country. Here's where you'll find the most expensive -- and cheapest -- gas
Key Points:
- Gas prices in the U.S. have surged to their highest level in four years, with the national average for a gallon of regular gasoline reaching $4.43, largely due to disruptions in global oil supplies caused by the ongoing war in Iran.
- The cost to fill up standard vehicle tanks has increased significantly, with an 18-gallon SUV tank rising from $52.92 to $79.74, and a 23-gallon Ford F-150 tank increasing from $67.62 to $101.89 since the war began.
- California has the highest average gas price at just over $6 per gallon, while Georgia has the lowest at $3.80; the surge is impacting consumer behavior, with 44% of Americans reportedly cutting back on driving.
- The Strait of Hormuz, a vital oil shipping route, remains largely blocked due to the conflict, causing sustained high oil prices; analysts warn it could take months to return to pre-war price levels even if the waterway reopens.
- Moody’s Analytics projects that if current oil prices persist for a year, the average U.S. household could face an additional $1,300 in fuel costs, and GasBuddy warns that gas prices could exceed $5 per gallon if the Strait of Hormuz remains closed through Memorial Day.