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4h ago

U.S. Gasoline Average Hits $3.91, Near $4, as Oil Spike Deepens

Iran‑linked disruptions near the Strait of Hormuz are pushing crude above $100 and diesel past $5, with policy steps offering limited relief.

A JetBlue aircraft lands under the DC skyline featuring the U.S. Capitol building, near United Airlines, American Airlines and Delta Airlines aircraft on the tarmac at Ronald Reagan Washington National Airport in Arlington, Virginia, U.S. January 25, 2025. REUTERS/Jim Urquhart/File Photo
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Overview

  • AAA reports the national average rose to about $3.91 per gallon, the highest since 2022, up roughly $0.98 from a month ago, with GasBuddy’s Patrick De Haan saying $4 is likely soon.
  • Oil benchmarks remain elevated, with WTI above roughly $95 and Brent above about $103, as strikes on energy infrastructure and threats to Hormuz shipments keep markets in volatile “fast market” trading.
  • Price gaps are stark across states, with California ($5.61), Washington ($5.14), and Hawaii ($5.07) above $5 per gallon, and several others including Oregon, Nevada, Arizona, and Alaska above $4.
  • Diesel has surged about 38% in a month to top $5 per gallon, raising freight costs and inflation risks, a concern underscored by Fed Chair Jerome Powell.
  • Governments are taking targeted steps: the U.S. issued a temporary Jones Act waiver to ease logistics, while India raised premium petrol by Rs 2–2.35 per litre and hiked bulk diesel prices for industrial users by about Rs 22.