US gas price crosses $4 a gallon for first time since 2022 amid Iran war
Kartavya Desk Staff
The average gas price in the United States has crossed $4 a gallon for the first time since 2022 as America and Israel’s war with Iran continues to push up the oil market.
According to AAA motoring organisation, the national average for a gallon of gasoline in the US is $4.02 which is a dollar higher when the war in West Asia began on February 28, BBC reported. The price of diesel has also soared around $1.70 higher. The fuel price last reached at this level in August 2022.
Since the war began, Strait of Hormuz which is a key waterway for around 20% of global oil and gas passage, has effectively been choked by Iran that has slowed or entirely stopped the production and transportation of energy across the Middle East. And hence, the cost of crude oil has surged in the past month.
Before the conflict began on February 28, the gasoline is US was selling at an average price of $2.98 a gallon. Diesel, which is now selling for an average of $5.45 in America, was about $3.76.
The average gas price in California has reached $5.89 a galloon and the Washington state is averaged at $5.35. The global oil benchmark, Brent crude, hit $115.48 a barrel on Monday.
US President Donald Trump, in one of his Truth Social post earlier this month wrote, “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.”
Apart from America, the prices of fuel have also surged in the UK where the average petrol prices have risen by 14% and diesel by 27% since the war began. Some nations, like Sri Lanka, Bangladesh and EU’s Slovenia have introduced fuel rationing.
Talking about fuel crisis, Trump on Tuesday wrote, “All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused to get involved in the decapitation of Iran, I have a suggestion for you: Number 1, buy from the US, we have plenty.”