Gas prices in the US have reached an all-time high of $4.02 per gallon, with the national average increasing by 35% since the end of February. The surge is attributed to the ongoing war with Iran, which has disrupted the oil and gas supply chain and prompted nations to halt production.
The last time the US saw a major spike in gas prices was in 2022, when Russia launched its invasion of Ukraine. Diesel prices have also increased, with the national average standing at $5.42 per gallon.
Variations in gas prices across the US remain due to state taxes, distribution costs, and refining margins. California has the highest average gas price at $5.89 per gallon, while Oklahoma has the lowest at $3.27 per gallon.
The war between the US and Iran continues to escalate, with the Strait of Hormuz remaining at a halt due to Iran's blockade. The US has proposed a 15-point peace plan, but Iran has rejected it and issued five demands, including sovereignty over the Strait of Hormuz.
