Gas Prices To See ‘Staggering Increase’ Across Multiple States
Analysts warn that climbing gas and diesel prices will reach new highs in the coming hours as the Iran and Ukraine wars drag on.
The cost of gasoline and diesel is poised for a dramatic rise across numerous U.S. states, experts warn. The escalation is attributed to ongoing tensions in Ukraine and Iran, which are disrupting global oil supplies. Tom Kloza, energy analyst at Gulf Oil, predicts the price hikes will be substantial within the next 24 hours. Fuel margins, the gap between wholesale costs and retail prices, have yet to adjust to recent wholesale increases, according to Kloza.
He anticipates especially steep hikes in the Great Lakes and Rocky Mountain regions. Patrick De Haan, GasBuddy's head of petroleum analysis, echoes this concern, noting that the U.S. average diesel price has reached $6.301 per gallon and gasoline has climbed to $4.355 per gallon. He expects these prices to surge further over the next two days, with diesel potentially surpassing $6.60 per gallon, a peak not seen since 2022.
The American Automobile Association (AAA) reports the national average gasoline price at $4.37 per gallon on Wednesday, up from $4.33 per gallon the previous day and $4.22 a week earlier. This marks a more than $1 increase compared to a year ago, when the average was $3.19 per gallon. California drivers bear the highest costs at $6.04 per gallon, while five other states—Washington, Hawaii, Nevada, Oregon, and Alaska—have averages exceeding $5 per gallon.
Written by urgent.news from Newsweek's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
