Gas prices across the United States have climbed sharply, reaching their highest level in four years as the ongoing war in Iran continues to disrupt global oil supplies.
Oil prices briefly reached their highest level since the start of the war in Iran at $126 a barrel on Thursday, before falling to around $108 on Friday. This has rapidly translated into higher prices at the pump here in the U.S. and across the broader economy.
The national average price for a gallon of regular gasoline rose to $4.43, according to fuel price tracking service GasBuddy. That's up two cents from the day before.
Gas prices nationwide are now nearly $1.50 higher than they were at the start of the war.
Prices are up 126 cents from last year's average of $3.172
Price of gas to fill up a standard SUV with 18-gallon tank
The cost to fill up before the war for a standard 18-gallon SUV tank was $52.92, when gas was at $2.94 a gallon.
Now, the cost to fill up that same tank is $79.74 with gas at $4.43 a gallon, which is a $26.82 increase.
Price of gas for a Ford F-150 standard 23-gallon fuel tank
The cost to fill up before the war was $67.62 and is now up to $101.89, which is $34.27 more expensive to fill up.
In California, drivers are paying just over $6 a gallon on average for regular gas, according to GasBuddy. Those are the highest gas prices in the country.
Hawaii is the second highest at $5.59 per gallon, according to GasBuddy, followed by Washington and Oregon.
The states with the cheapest gas prices currently are Mississippi and Arkansas at $3.83 and Georgia with the lowest at $3.80.
Economists warn the impact could be long‑lasting with Moody’s Analytics predicting that if oil prices remain at current levels for a full year, the average U.S. household would pay an additional $1,300 in combined gas and diesel costs.
A new ABC News/Washington Post/Ipsos poll found that 44% of Americans have cut back on driving due to higher gas prices.
The surge in fuel prices comes as the Strait of Hormuz, a critical global shipping corridor that typically moves about 20 million barrels of oil per day, remains at a virtual standstill due to the ongoing conflict.
And even if the waterway were to reopen, analysts said it could take months or longer for prices to return to pre‑war levels.
GasBuddy expects that if the Strait of Hormuz remains blocked or significantly impeded through Memorial Day, the national average price of gas could surpass the all‑time record of $5 per gallon.