As the war in Iran continues, and with President Donald Trump suggesting strikes could continue for weeks, gas prices hit another recent high Thursday.
According to AAA, a gallon of regular gas now averages $4.08 in the U.S., the highest in four years. Gas prices surged above $4 a gallon in the months following the start of the Ukraine-Russia conflict in 2022.
During that conflict, prices briefly hit $5.02 a gallon — the only time in U.S. history the national average has topped $5. Patrick De Haan of GasBuddy said prices will likely range between 4.25 and $4.45 a gallon, but he could not rule out a further jump into record territory.
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“Consumers have only seen the $4-a-gallon average reached nationally for 157 days, going back to 2009. So, this is starting to get into a consumer mindset an uncomfortable level,” he said. “And while many Americans have increased median incomes compared to what they did in 2009 and 2022, it still is uncomfortable for many consumers seeing the dollar amounts on those gas pumps going up much faster than gallons.”
He also expects diesel prices to hit $6.05 a gallon, which would set a record. High diesel costs could trickle down into higher prices for consumers.
Crude oil prices surged Thursday morning as Iran continues to limit shipments through the Strait of Hormuz, where nearly 20% of the world’s oil supply passes.
Although the U.S. produces more oil than it consumes, oil is traded globally, and tighter global supply is driving prices higher.
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Trump addressed rising gas prices during his prime-time address from the White House on Wednesday.
“Many Americans have been concerned to see the recent rise in gasoline prices here at home. This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers in neighboring countries that have nothing to do with the conflict,” he said.
