US gas prices hit $4.29 nationwide amid Iran war

Gas prices in US — Average gas prices have increased more than a dollar since the US and Israel first attacked Iran.

The Iran war has pushed up gasoline prices across the United States, adding to the cost of driving. October could become the most expensive month ever for gasoline prices for this time of year, according to AAA. The rising cost of fuel has affected drivers nationwide, though the prices differ from state to state. Gas prices in the United States, up by more than 40% since the US and Israel launched the war, have soared as the global oil supply constricts, reports NBC News. If we look at the national average, then the gas prices are more than $4 per gallon, according to data from motor club AAA. The increase in gas prices in US is straining already-stretched budgets in households across the country.

Gas prices today

Average gas prices have increased more than a dollar since the US and Israel first attacked Iran. In four states, California, Hawaii, Nevada and Washington, average gas prices are at least $5 per gallon, according to NBC. Georgia, North Carolina and Texas are paying the least, according to AAA data. According to a Brown University analysis, the increase in gas prices since the start of the war has cost Americans more than $70 billion.

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Oil prices have surged, fluctuated, and at times moved close to pre-war levels. However, they are rising again as turmoil in the Middle East continues. Since mid-May, the national average price of gasoline has fallen by about 20 cents per gallon, but it remains more than $1 per gallon higher than it was before the war began.

Gas prices on pace for most expensive October ever

Gas prices remained above $4 a gallon nationwide as crude oil prices hover near $100 a barrel. As of Friday, Oct. 23, the national average for a gallon of regular gasoline stood at $4.29, down about 20 cents from a week earlier but still more than $1 higher than the same time last year, according to AAA. Diesel prices averaged $5.75 a gallon, compared with $3.11 a year ago.

"This month is poised to set a record as the most expensive October ever for gas prices following similar records set in August and September of this year," AAA said in an Oct. 22 news release.

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Why are gas prices going up?

The ongoing instability in the Middle East and concerns about disruptions to oil shipments through the Strait of Hormuz continue to put pressure on fuel prices.

Brent crude oil prices climbed to their highest level in more than five months after attacks in Saudi Arabia raised fears of further disruptions to energy supplies from the region, Reuters reported.

According to AAA, gasoline prices are rising again but remain lower than they were a month ago. The national average price is still above $4 per gallon.

When will gas prices go down?

President Donald Trump announced plans to provide up to $150 million in federal funding to expand petroleum production, storage and distribution capabilities at refineries across the United States, according to a news release from the Department of Energy.

The funding, authorized under the Defense Production Act, is intended to increase domestic production of gasoline, diesel, jet fuel and other petroleum products.

The Department of Energy estimates that the investments could increase US refining output by millions of gallons per day, potentially helping ease fuel costs for consumers and businesses. However, the timing and extent of any price relief will depend on how quickly production expands and how global oil market conditions develop.