Overview
- The national average for regular gas rose to about $4.06 on Wednesday, one day after crossing $4 for the first time since 2022, according to AAA.
- California now averages $5.89 a gallon with several counties above $6, and Florida diesel set new state and Jacksonville records near $5.80.
- The Iran war has curbed oil shipments through the Strait of Hormuz, and crude costs make up about half of what drivers pay at the pump.
- Governments have launched emergency supply moves, including a 400 million barrel IEA release and U.S. SPR draws and shipping waivers, though experts say these steps replace only a small share of lost barrels.
- AAA and market analysts say prices are likely to stay high into the summer as drivers shift habits and seasonal summer-blend fuel, which usually costs 10 to 15 cents more, adds further pressure.