Gas prices in the United States: What's happening and how high they might go

"The global impact of the war in Iran has caused the average price of gasoline in the United States to rise above $4 per gallon for the first time since 2022. Prices have risen by more than 30% since late February, reflecting an energy shock affecting the entire economy."

"The main trigger has been the disruption in the global oil supply, particularly due to tensions in the Strait of Hormuz, a key route through which nearly 20% of the world's crude oil normally flows."

"Although the United States produces more oil than it consumes, domestic prices continue to depend on the international market. When global supply shrinks or becomes uncertain, crude oil prices rise, and with them, gas prices."

"Much of the oil it produces is light, while many refineries are designed to process heavy crude, which is imported mainly from Canada."

Gasoline prices in the US have surpassed $4 per gallon for the first time since 2022, driven by a 30% increase since the onset of the war in Iran. The conflict has disrupted global oil supply, particularly through the Strait of Hormuz, affecting maritime traffic and oil infrastructure. Although the US produces more oil than it consumes, domestic prices are influenced by international markets. Seasonal demand and rising diesel costs also contribute to the price increase, indicating potential for further hikes at the pump.

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