CBS News gas and oil price tracker shows how much energy costs are rising
As the war with Iran continues, CBS News is tracking gas and oil prices. Find out how much more it costs to fill up your tank or heat your house.
The war in Iran is driving up oil and gas prices, placing a significant financial burden on various sectors in the United States, including motorists, food delivery drivers, farmers, and the U.S. Postal Service. As of March 31, the average cost of gas in the U.S. surpassed $4 per gallon for the first time since 2022, according to AAA.
Experts predict that prices will stay high until shipping is restored through the Strait of Hormuz, a crucial waterway linking the Persian Gulf and the Gulf of Oman, where one-fifth of the world's oil supply passes. Gasoline prices are generally higher in California, which relies more on oil imports and imposes higher taxes on gasoline compared to other states.
Despite this, fuel costs have risen nationwide. Diesel, used for transporting goods via trucks, boats, and trains, has increased more rapidly than regular gasoline, partly due to its scarcity before the war escalated. Oil constitutes roughly half of the cost of a gallon of gas in the U.S., with the remainder attributed to refining, taxes, and marketing, as reported by the U.S. Energy Information Administration. Additionally, the season affects gas prices, as demand grows during warmer months.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
