Average gas prices in the U.S. soared past the $3 mark this week after the U.S. and Israel struck Iran, prompting retaliatory strikes through the region with prices seeing their most dramatic increases throughout the Midwest and the South in the past week.
Key Facts
Indiana saw the biggest increase this week, with the cost for a gallon of gas jumping 53 cents since Feb. 27, reaching an average of $3.36 per gallon for the state, according to data from GasBuddy.
Ohio and West Virginia followed closely behind Indiana, with prices jumping 51 cents for both states in the past week.
Florida and Texas followed in the No. 4 and No. 5 spots, respectively, with costs for a gallon of gas rising about 47 cents, according to GasBuddy.
No state in the U.S. is seeing a reduction in gas prices in the past week, though states with the smallest rise in prices include Hawaii (7 cents), Washington (16 cents) and Oregon (17 cents).
California, which has the most expensive gas prices in the country, has seen a 27 cent increase in gas prices to an average of $4.89 per gallon, according to GasBuddy.
Big Number
$3.36. That is the average price for a gallon of gas, GasBuddy reported Friday, marking the highest gas prices seen in the U.S. in 18 months. Last week, the national average reached $2.98 per gallon.
What Cities Are Seeing The Highest Rise In Gas Prices?
Laredo, Texas, has seen the most dramatic increase in gas prices in the U.S. in the past week, with prices surging 73 cents to an average of $3.15 per gallon. Cincinnati and Dayton, Ohio have experienced bumps of 69 cents and 67 cents, respectively. Gas prices in Fort Wayne, Indiana, jumped 66 cents to an average of $3.48 per gallon, while prices for a gallon have risen 64 cents in Winchester, Virginia, to an average of $3.25, according to GasBuddy.
Tangent
Gas station billionaire and Trump ally John Catsimatidis told Forbes on Friday the gas price hike is a "temporary fluctuation,” adding consumers will need to “suffer for one month” so that the U.S. can “take out the terrorists.”
Key Background
Patrick DeHaan, the head of petroleum analysis for GasBuddy, said in a note Friday disruptions to the Strait of Hormuz are playing a significant role in global oil prices. About 20% of global petroleum liquids flow through the strait, a chokepoint connecting the Persian Gulf and the Gulf of Oman to the Arabian Sea. DeHaan added in his note that routine seasonal factors for gas like the transition to summer gasoline blends, a slightly more expensive gas required by the EPA during warmer months to reduce emissions, could pressure prices even further this month. President Donald Trump told Reuters on Thursday he is not concerned about rising gas prices, saying U.S. operations against Iran are “far more important than having gasoline prices go up a little bit.” Earlier in the week, the president predicted high prices “for a little while” that will eventually “drop very rapidly.”