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Gas prices jump past $4 a gallon in the U.S., the highest since 2022

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Why This Matters

The surge in U.S. gas prices past $4 a gallon highlights the ongoing impact of geopolitical conflicts on fuel costs, affecting both consumers and the broader economy. As crude oil prices remain volatile due to the Iran conflict, drivers face increased expenses at the pump, which can influence transportation costs and inflation. This situation underscores the importance of energy resilience and the need for alternative energy solutions in the tech industry and beyond.

Key Takeaways

Drivers in some states have been paying over $4 a gallon for a while now. U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 on Tuesday as the Iran war pushed fuel prices to soar worldwide.According to motor club AAA, the national average for a gallon of regular gasoline is now $4.02 — over a dollar more than before the war began. The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine.The price is a national average, meaning drivers in some states have been paying well over $4 a gallon for a while now. Prices vary from state to state due to factors ranging from nearby supply to differing tax rates.Since the U.S. and Israel launched a joint war against Iran on Feb. 28, the cost of crude oil — the main ingredient in gasoline — has spiked and swung rapidly. That’s because the conflict has caused deep supply chain disruptions and cuts from major oil producers across the Middle East.Motorists around the world are also coping with higher gas prices due to the war. In Paris, for example, gas is at 2.34 euros per liter ($2.68), which is about $10.27 a gallon.