U.S. gas prices are now the highest they’ve been since 2022 as the Iran war pushes fuel costs to soar worldwide.
As of Tuesday, ]the national average for a gallon of regular gasoline is now $4.02 — over a dollar more than before the war began, according to motor club AAA. The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine.
The price is a national average, meaning drivers in some states have been paying well over $4 a gallon for a while now.
In Illinois, the average cost for a gallon of gas is $4.20, AAA said, compared to $3.05 one month ago. It’s even higher in the Chicago metro area, at $4.41.
“That means drivers in our area are paying close to $60 to fill up a tank,” NBC 5’s Lexi Sutter said.
Illinois also ranks among the nation’s top 10 most expensive gas markets, AAA said, along with California California ($5.84); Hawaii ($5.33); Washington ($5.30); Nevada ($4.86); Oregon ($4.86); Arizona ($4.63); Alaska ($4.57); Idaho ($4.25) and Utah ($4.16).
Why is gas so expensive right now?
Since the U.S. and Israel launched a joint war against Iran on Feb. 28, the cost of crude oil — the main ingredient in gasoline — has spiked and swung rapidly. That’s because the conflict has caused deep supply chain disruptions and cuts from major oil producers across the Middle East.
The spike also comes as refineries start to produce summer-blend gasoline, which is typically more expensive. According to AAA, the summer blend contains pricer additives to help reduce evaporation during warmer months.
“Gasoline demand is also on the rise as spring break season continues, another factor in rising pump prices,” AAA said.
What else could cost more?
More expensive fuel can also push up other spending, from utility bills to the price of many goods consumers buy each day.
In the immediate future, analysts point to groceries, which have to be restocked frequently and could also see price hikes as businesses’ transportation costs, including the cost of diesel gas, begins to pile up.
Hauling other cargo and packages has also been impacted. The United Postal Service, for example, is seeking a temporary 8% added charge on some of its popular products including Priority Mail.
U.S. diesel prices — the fuel used for many freight and delivery trucks — is now going for an average of $5.45 a gallon, up from about $3.76 a gallon before the war began, per AAA.
And, if the war drags on, it’s possible that those prices could tick up even higher. Most tanker movement in the key Strait of Hormuz, where roughly one-fifth of the world’s oil typically sails through, remains at a halt. That’s led to cuts from major producers in the region who have no way of getting their crude to market. Meanwhile, Iran, Israel and the U.S. have all struck oil and gas facilities, worsening supply concerns.
When could gas prices go down?
In a search for some relief, the International Energy Agency pledged to release 400 million barrels of oil from emergency stockpiles of member nations. That includes the U.S., despite Trump initially downplaying the need for reserve oil.
The Trump administration has also eased sanctions to free up some oil from Venezuela, and temporarily Russia. The White House also says it’s waiving maritime shipping requirements under a more than century-old law, known as the Jones Act, for 60 days.
It’s not yet clear if those efforts will bring relief for consumers. A lot of factors contribute to gas prices.
Refineries buy crude oil in advance, meaning some could be work with more expensive oil for a while, and it will take time for any new supply to trickle down to consumers.
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