U.S. average gasoline price rises above $4.50 a gallon, highest since July 2022
- Both agree
- Gasoline’s jump above $4.50 reflects a rapid pass-through from higher crude prices tied to conflict involving Iran and disruptions through the Strait of Hormuz, with further increases possible if the conflict does not ease or oil flows are not restored.
- They split on
- Whether the story is chiefly about the unequal household hit as summer driving begins and state-by-state prices diverge, or about U.S. vulnerability to a global oil chokepoint that can quickly destabilize fuel prices.
Analytical frames for this storyTap to explore
The Facts
- The U.S. national average price for regular gasoline rose above $4.50 a gallon this week.
- This is the highest U.S. average gasoline price since July 2022.
- Reports attribute the rise in gasoline prices to higher crude oil prices associated with the war involving Iran and disruptions to oil shipments through the Strait of Hormuz.
- Coverage says the Strait of Hormuz is a major global oil chokepoint through which about one-fifth of the world's crude oil normally passes.
- Gasoline prices have risen sharply in recent days, with AAA data showing an increase of about 31 cents over the past week to roughly $4.48 on Tuesday.
- Prices vary widely by state, with California reporting the highest statewide average at a little over $6.13 to $6.16 a gallon, while Oklahoma was among the lowest at just under $4 a gallon.
- The increase affects U.S. drivers broadly and comes as Memorial Day and the summer driving season approach, a period when fuel demand typically becomes more important to households and retailers.
- Analysts cited in coverage say gasoline prices could continue rising if there is no de-escalation in the conflict or restoration of oil flows through the Strait of Hormuz.
Context
Why are U.S. gas prices rising?
Multiple reports say gasoline prices are rising because crude oil has become more expensive during the war involving Iran, while disruptions in the Strait of Hormuz have constrained a major route for global oil shipments Democratic Undergro…,Reuters. Since crude oil is the main ingredient in gasoline, higher oil prices feed through to pump prices Democratic Undergro…,U.S. News & World R….
How uneven are prices across the country?
State averages differ substantially. AAA data cited by Newsweek showed California at $6.160 a gallon on Wednesday and Oklahoma at $3.962, while other coverage also placed California a little above $6.13 and among the highest in the country Newsweek,NY Post.
What could happen next?
Analysts quoted by Reuters, AOL and Yahoo Finance said prices may keep rising if the conflict continues and the Strait of Hormuz remains disrupted, with Reuters noting the possibility that U.S. motor-fuel prices could move past prior records without de-escalation Reuters,Aol,Yahoo! Finance.
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Wire services (14)
Independent coverage (50)
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