US Gasoline Hits $ 4 per Gallon as Iran War Drives Up Fuel Prices
U.S. gasoline costs have escalated beyond $4 per gallon for the first time in over three years, as the oil supply disruption caused by the Middle East conflict quickly increases expenses for households.
Pump prices reached a national average of $4.018, the highest since August 2022, when Russia's conflict with Ukraine unsettled energy markets, according to the travel group AAA.
According to AAA data, gas prices have risen over 30percent since the U.S. and Israel launched attacks on Iran in late February.
“We anticipate a possible disruption to the U.S. fuel supply,” Lee Zeldin, leader of the Environmental Protection Agency, informed journalists at S&P Global’s CERAWeek event in Houston last week.
The EPA is briefly suspending certain regulations to boost gas supplies in a bid to lower prices.
Vice President JD Vance informed consumers of “a tough journey ahead” regarding gas prices in the weeks to come. Vance assured that the increase is temporary and that prices will decrease once the war concludes.
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"We have a situation, we recognize it, and we are taking all possible measures to resolve it," the vice president stated at an event in Auburn Hills, Michigan on March 18.
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Oil prices have increased by over 50percent since the onset of the war. Brent prices, the global benchmark, are on track for a historic monthly increase since the launch of the futures contract in 1988. U.S. crude oil is on track for its largest monthly increase since 2020.
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David Doyle, head of economics at Macquarie Group, stated that the average monthly gas price in March is projected to be 25percent greater than in February. Doyle informed clients in a note dated March 25 that this would represent the largest monthly rise since October 1990.