According to the Motor Club, the average price of regular gasoline has now reached $4.02, an increase of more than a dollar since before the war began. The previous high was in 2022, following the Ukraine war.
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As fuel prices rise worldwide due to the war with Iran, the average price of gasoline in the United States has exceeded $4 per gallon, for the first time since 2022. According to the Motor Club, the average price of regular gasoline is now $4.02, an increase of more than a dollar since before the war began. The previous high price was seen after the war in Ukraine in 2022.
Prices vary across states, due to supply, tax rates and local conditions. Crude oil prices have risen sharply since the United States and Israel launched a joint war against Iran on February 28. The price has been affected by the disruption of supplies from major producing countries in the Middle East.
The rise in gasoline prices has affected both consumers and businesses. As daily expenses increase, people may have to cut spending in other areas. The increase in transportation costs is also likely to increase the cost of food, electricity and other daily necessities.
According to a recent survey, about 45 percent of Americans are seriously concerned about their ability to afford gasoline.
The transportation sector has also been affected by the high fuel prices. The Postal Service has proposed a temporary 8 percent surcharge on some services.
Diesel prices have also risen significantly, putting additional strain on freight vehicles.
Global supply crisis
The supply crisis has deepened as a critical sea route that carries about a fifth of the world's oil has been blocked. Attacks between Iran, the United States and Israel have damaged oil and gas infrastructure.
In an effort to lower prices, the International Energy Agency has decided to release 400 million barrels of oil from member states' emergency reserves.
The United States has partially eased sanctions to facilitate some oil supplies from Venezuela and Russia. Analysts say gasoline prices could rise further if the war drags on. In addition, demand is expected to increase as the summer season begins, putting further pressure on prices.
