Gas prices went up more than 30 cents a gallon last week. How high could they go?
NPR • • general
Key Points:
- U.S. gas prices have risen over 30 cents per gallon in the past week, reaching an average of $4.446 as of Sunday, largely due to the closure of the Strait of Hormuz amid the Iran war.
- Prices are at their highest since July 2022, with experts warning that prices may continue to rise the longer the strait remains closed, potentially lasting weeks or months.
- The U.S. Department of Energy released 17.5 million barrels from the Strategic Petroleum Reserve between March and April to help curb fuel prices, while OPEC+ plans a modest production increase starting in June.
- Analysts caution that even if gas prices fall sharply, it could signal a recession reducing demand rather than a positive market correction.
- The weakened U.S. dollar, down about 10% since early 2025, is contributing to higher costs for Americans abroad and imported goods, while potentially benefiting U.S. exporters.
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