A customer fills his vehicle with fuel at a Chevron gas station in Los Angeles, California, on Monday. Justin Sullivan/Getty Images
US gas prices increased by almost 3 cents in the most recent AAA report, reaching an average of $4.48 per gallon of regular. That’s an increase of 30 cents from a week prior and signifies a 50% rise since the war with Iran began.
The current price is the highest it has been since July 2022, after Russia invaded Ukraine that year. That surge pushed prices to an all-time high of $5.02.
Tom Kloza, an independent oil analyst and advisor for Gulf Oil, stated that there is a roughly equal chance of gas reaching $5 again.
“Recently, we’ve observed a surge in prices in non-coastal markets,” stated Kloza. He stated he anticipates gas prices will hit $4.75 per gallon this month.
Oil futures dipped slightly in trading on Tuesday, following the assistance of US naval vessels in navigating ships through the obstructed Strait of Hormuz.