American drivers are once again facing a $4-per-gallon average at the pump, as military exchanges between the United States and Iran continue to push energy costs higher.
The motor club federation AAA reported Monday that the national average for a gallon of regular gasoline has returned to $4. That marks a significant jump compared to the same time last year, when the average stood at $3.14 per gallon.
Keep in mind that $4 is a national average — some states have already been paying well above that figure for some time, while others are still seeing lower prices. The differences between states come down to several factors, including how close drivers are to fuel supplies and how much each state taxes gasoline.
The affordability crunch isn’t limited to the United States. People around the world are also grappling with elevated fuel costs as a result of the ongoing conflict.
Gas prices first crossed the $4-a-gallon threshold on average at the end of March. They slipped below that mark in mid-June and kept falling as crude oil prices eased following a temporary agreement between the U.S. and Iran. Even during that period of declining prices, President Donald Trump voiced frustration that gas prices were not dropping as fast as oil prices were.
With U.S. midterm elections on the horizon, the cost of living — including fuel and grocery prices — is expected to be a central concern for voters. Higher oil and gas prices tend to ripple through the broader economy, pushing up the cost of everyday goods.
Oil markets have been climbing again in recent days as tensions between the U.S. and Iran intensify. On Monday, Brent crude — the international benchmark — rose 3.2% to $90.95 per barrel, while U.S. benchmark crude gained 2.8%, reaching $84.04 per barrel.
