Overview
- AAA reports the national average is $3.63 per gallon, roughly 50–69 cents higher than before fighting with Iran escalated in late February.
- Market strains stem from attacks and ship avoidance near the Strait of Hormuz, sending Brent crude to around $100 a barrel and tightening global supply.
- Retail gasoline in the U.S. tends to track Brent because Gulf Coast refiners pay Brent-linked prices rather than West Texas Intermediate.
- Crude makes up about 51% of a gallon’s cost, with refining near 20% and distribution and marketing about 11%, and the spring switch to pricier summer blends typically adds around 15 cents.
- Diesel has risen even faster—up more than $1.20 per gallon over the month—while the White House moves to counter the shock with a 172 million barrel SPR release, temporary Russian oil sanction relief, and a possible Jones Act waiver amid political risks for Republicans ahead of the midterms.