US Gas Prices Reach $4.30 Per Gallon Amid Global Uncertainty

US Petrol Prices Rise Amid Strait of Hormuz Blockade

The average price of one gallon of gasoline in the United States has increased to $4.30, according to the American Automobile Association (AAA). This represents a 27-cent increase over the past week, bringing the national average up from less than $3 prior to the start of the US-Israel war on Iran on February 28.

The price surge is attributed to the ongoing blockade of the Strait of Hormuz by Iran and the US naval siege on Iranian ports. As a result, oil prices have surged above $100 per barrel, with no indication of when the strait will reopen. This has led to gas prices reaching their highest level in four years, since late July 2022.

California has seen petrol prices reach over $6 per gallon, while the national average is $1.12 higher than it was this time last year. The spike in energy prices has contributed to inflation and economic uncertainty, affecting US President Donald Trump’s approval rating, which is at record lows due to growing discontent with the conflict with Iran.

Trump has reiterated that the increase in petrol prices is a temporary price worth paying for the aims of the military campaign. He stated that as soon as the war is over, gas prices will drop significantly. However, oil prices do not automatically decrease after hostilities stop. Despite a ceasefire reached on April 8, the cost of gas in the US has continued to rise.

Iran denies seeking a nuclear weapon and claims it is running out of patience with the current situation amid the US siege. Iranian President Masoud Pezeshkian stated that the world has witnessed Iran’s tolerance and conciliation, but the continuation of the naval blockade is intolerable. The US and Iran are currently engaged in diplomatic efforts, with Trump dispatching his top envoys to Pakistan to negotiate with Iranian officials.

Source: Al Jazeera