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US gas prices reach all-time high since 2022 to $4 a gallon as Iran war escalates
The motor club added that the average cost of regular gasoline has jumped 35 percent since the end of February.
Gas prices in the United States reached all-time high on Tuesday as the war with Iran escalates. As per several media reports, gas prices in the US have now crossed $4 per gallon, the highest since 2022.
The national average for a gallon of gasoline in the US now costs around $4.02, which is a dollar higher than the price gas stood at when the US-Iran war broke out on February 28, said motor club AAA, reported Associated Press. Track the latest updates on the US Iran war
The motor club added that the average cost of regular gasoline has jumped 35 percent since the end of February.
Gas prices in the US and across the world have soared since the joint US-Israeli strikes on Iran. Due to the war, a deep disruption has been caused in the oil and gas supply chain. Furthermore, attacks on oil sites across the Gulf region have also prompted nations to halt production, resulting in a major cut.
The last time the US saw a major spike in gas prices was in 2022, when Russia launched its invasion of Ukraine.
Along with gasoline, the price of Diesel has also increased. As per an NYT report, diesel in the US stood at $5.42 a gallon, up from $3.76 a gallon before the war broke out.
While the national average remains at over $4 per gallon, variations in how much drivers have to pay across the US remain because of state taxes, distribution costs and refining margins.
For instance, the average cost for a gallon of regular gasoline in California, the highest in the nation, was $5.89 on Tuesday. Meanwhile, in Oklahoma, gas prices stood low at an average of $3.27.
War not ending any time soon
If the war between the US and Iran continues to drag on, it’s possible that gas prices could tick up even higher.
The movement in Strait of Hormuz, where roughly one-fifth of the world’s oil sails through, continues to remain at a halt due to Iran's blockade. Furthermore, the attacks on oil and gas facilities y all three partis in the conflict, continues to hamper production.
US President Donald Trump recently stated that he wishes for Iran to return to the negotiating table and sent a 15-point peace plan proposal. However, Iran has rejected this proposal and issued five demands, including Tehran's sovereignty over the Strait of Hormuz.
Furthermore, Iran-backed militant group in Yemen, the Houthis, have also joined the war, marking a dangerous escalation. With the Houthis now in the war, the Red Sea route for tankers and ships also becomes a problem.
While Trump has claimed that the US will not strike any energy sites and power plants in Iran, he was also warned of targeting Kharg Island if Iran does not strike a deal with Washington. Adding to the various contradictions from the Trump administration, WSJ reported that the US targeted Isfahan, a key nuclear site in Iran, with a nearly 1,000kg bunker buster bomb. While an official statement from the US has not been made, the video of the attack was shared by Trump on his social media platform Truth Social,
