economy
Gas prices: Another increase at the pumps the day after ceasefire announcement
Gas prices in the United States continue to rise due to the war in Iran, even after the announcement of a ceasefire. The national average for a gallon of regular gas increased to $4.164 on Wednesday, a more than 2-cents-per-gallon increase from 24 hours earlier. It’s the 10th straight day of increases at the pumps, continuing a trend of the highest fuel prices since 2022.
TL;DR
- National average gas price reached $4.164 on Wednesday, up over 2 cents in 24 hours.
- This is the 10th consecutive day of price increases, the highest since 2022.
- The war in Iran is cited as a primary driver for the price hikes.
- Gas prices have risen sharply since late January, exacerbated by Operation Epic Fury.
- Current prices are higher than a month ago ($3.45) and a year ago ($3.246).
- The current prices resemble those under former President Biden, not Trump's terms.
- There's a possibility of a new national record high if prices continue to rise, especially with the traditional pre-Memorial Day increase.
- Gas prices vary significantly by region, with the West Coast being the most expensive and the Midwest the least.
- Oklahoma has the lowest state average at $3.431 per gallon, while California has the highest at $5.934 per gallon.
- Washington, D.C., Maryland, and Delaware have prices above or near the national average, with Virginia slightly below.