U.S. average gasoline prices may not return to pre-war levels under $3-per-gallon until next year, Energy Secretary Chris Wright told CNN Sunday. Why it matters: The Iran war has driven up what had been fairly low U.S. gas prices, a spike that could hurt Republicans in the midterm elections. Driving the news: Asked Sunday when Americans should expect gas under $3, Wright replied, "That could happen later this year. That might not happen until next year." - "But prices have likely peaked, and they'll start going down, certainly with a resolution of this conflict, you'll see prices go down," he said on CNN's "State of the Union ." State of play: Wright added that under $3 is "pretty tremendous" in inflation-adjusted terms. He argued the…
State of the Union: Increasing fuel costs drove the increase in prices. The post Inflation Surges as Iran War Pushes Prices Up appeared first on The American Conservative .
The U.S. inflation rate increased sharply in March, according to the latest report by the Bureau for Labor Statistics. The energy shock from the Iran war pushed consumer prices to their highest level in nearly two years, with the Consumer Price Index rising 3.3 percent from a year earlier, up from 2.4 percent in February, in line with economists’ projections. Energy prices surged 10.9 percent from the previous month, led by a 21.2 percent jump in gasoline, the biggest monthly increase since federal tracking began in 1967. Brent crude climbed from $73 a barrel before the conflict to $95.88 on Friday morning, while average U.S. gas prices hit $4.15 a gallon, according to AAA. Core inflation, excluding food and energy, rose a milder 2.6…Open
The average price of standard gas in the U.S. hit $4 as of Tuesday morning, after hovering right under the dollar mark for about a week. This is up by over a dollar from a month ago after the onset of the Iran conflict at the end of February spiked fuel prices. The average price of premium gas was at $4.90 and the average price of diesel was sitting at $5.45 in the U.S. on Tuesday morning, according to AAA. Read More: https://thehill.com/policy/energy-environment/5808491-gas-prices-4-regular-iran-conflict/ #iran #gasprices #trump #iranwar #economy
U.S. gas prices have hit their highest level since the middle of former President Joe Biden's term. According to AAA's national average gasoline price, the cost per gallon hit $4.018 on Tuesday, March 31, 2026. The post The U.S. National Gas Price Hit Mid Biden-Era Levels Today. appeared first on The National Pulse .
PULSE POINTS WHAT HAPPENED: U.S. gas prices have hit their highest level since the middle of former President Joe Biden’s term. According to AAA’s national average gasoline price, the cost per gallon hit $4.018 on Tuesday, March 31, 2026 . WHO WAS INVOLVED: Former President Joe Biden , President Donald J. Trump , American consumers, the Islamic Republic of Iran, Qatar, Bahrain, the United Arab Emirates (UAE), and Saudi Arabia. WHEN & WHERE: The price per gallon of gasoline hit $4.018 on Tuesday, March 31, 2026. IMPACT: The last time the average price per gallon of gasoline crossed $4.00 was in August 2022, after reaching over $5.00 in June of that year. IN FULL U.S. gas prices have hit their highest level since the middle of former…Open
U.S. average gas prices have hit $4 per gallon nationwide, per AAA . Why it matters: It's a 35% increase at the pump since the war in Iran began last month, and there's little hope that costs will ease as the Strait of Hormuz remains closed to most ships, straining supplies worldwide. - Approximately 20% of the world's oil supply travels through the Strait. Driving the news: Oil prices have surged to over $100 a barrel or more since the war began, raising the prices that consumers pay when they fill up. - A month ago, regular gas averaged $2.98. A year ago, it was $3.17. Zoom in: The national average now rests at $4.018 for regular gas, $4.541 for mid-grade, $4.904 for premium, and $5.454 for diesel. Flashback: Gas prices last…
President Trump on Saturday night gave Iran a 48-hour deadline to reopen the Strait of Hormuz or else the U.S. will start destroying Iranian power plants. Why it matters: The threat marks a dramatic reversal from just a day earlier when Trump floated ending the war without reopening the strait, signaling the Hormuz crisis has become the issue he can't walk away from, even as he looks for an exit . Friction point: On Friday afternoon, a little more than 24 hours before Trump's new threat, the president said he was considering "winding down" the war without resolving the closure of the Strait of Hormuz . - If he does walk away without reopening the strait, the U.S. would be leaving other countries to clean up an economic quagmire. -…
The Trump administration doesn't plan to thwart U.S. oil exports as officials scramble for ways to temper energy price spikes. Why it matters: Rumors of restrictions have swirled in recent days, and would represent a sea change after years of expanding shipments that have made the U.S. a huge player in global markets. Driving the news: "Oil and gas export restrictions are not under consideration," an administration official said Thursday via email. What they're saying: Some analysts have criticized the idea of restricting exports. - "While legally feasible, export restrictions would likely backfire — offering limited relief to US consumers while imposing economic and geopolitical costs," scholars with Columbia University's energy think…
U.S. diesel prices have risen almost 38% in the 20 days since the United States and Israel launched strikes on Iran. The average was $5.04 a gallon on Wednesday, the most expensive since December 2022, according to data from AAA.
