The average price of gasoline at US pumps has surged past $4 a gallon, marking the highest level in nearly four years, Truth Live News gathered from AFP and the American Automobile Association (AAA).
As of Tuesday morning, the AAA reported the average price at $4.018 per gallon, up from less than $3 at the end of February. The last time prices exceeded $4 was in August 2022, according to the US Energy Information Administration.
In mid-2022, gasoline prices had climbed to $5 a gallon amid the Covid-19 pandemic and Russia’s invasion of Ukraine. Currently, California remains the most expensive state, with prices hitting $5.88 per gallon, followed by Hawaii ($5.45) and Washington ($5.34), the AAA said.
The spike comes after US strikes on Iran, which have raised fears of disruptions to global oil markets. Iran has effectively blocked the Strait of Hormuz, a crucial waterway that carries around a fifth of global crude oil and liquefied natural gas in peacetime.
President Donald Trump has expressed confidence that a negotiated settlement with Iran could be reached but warned that if the blockade continues, US forces might target key Iranian oil facilities. Despite this, oil prices slipped slightly on Tuesday, while both main oil contracts remained above $100 a barrel.
The surge at the pump is expected to affect American drivers as the summer vacation season approaches, even though the US primarily imports oil from Canada and Mexico, and is less dependent on Middle Eastern supply. The increase reflects the interconnectedness of global energy markets, AFP reports.
