Why gasoline prices fell but then started climbing again
AP News
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The price of a gallon of regular gasoline in the U.S. has climbed 31 cents in the past week and is now 52% higher than before the Iran war began.
That's according to the latest data from AAA, which said regular gasoline reached an average of $4.54 per gallon on Wednesday.
The main reason drivers are paying more for gas is because the war has stranded oil tankers near the Strait of Hormuz.
Oil prices fell below $100 a barrel on Wednesday on renewed hopes of an agreement to end the war.
That could pull gasoline prices down as well, but energy experts say it will take months for prices to return to pre-war levels.
- US Gasoline Hits $4.50, Nears All-Time High as Iran Fuel Crunch Grows Bloomberg —
- US Gas Prices Rise Above $4.50. Map Shows Price Per State Newsweek —
- US petrol prices 50 percent higher than before war on Iran Al Jazeera —
- US petrol prices rise 50% since Iran war began, Strait of Hormuz disruption drives pump costs higher Times Of India —
- Lower-income Americans hit hardest by gas price spike, widening inequalities, study finds ABC News —