Pain At The Pump: U.S. Gas Prices Just Hit A 4-Year High

U.S. gas prices rose to their highest level in four years as talks between the United States and Iran continue to go nowhere.

The average price of regular gasoline at the pump is $4.22 per gallon, according to AAA. Oklahoma reported the lowest average at $3.65 per gallon, while California remained the most expensive state for fuel at $5.98 per gallon.

Gas prices haven’t been that high since 2022, when Russia invaded Ukraine. Some of the sharpest weekly increases have been seen in the Midwest and Northeast,

according to Nottingham MD.

According to The New York Times, Tuesday’s 1.6 percent hike was the highest percentage increase in more than a month. Negotiators are currently deadlocked over proposals to reopen the Strait of Hormuz, the narrow waterway and trade route between Iran and Oman, where one-fifth of the world’s oil supply travels through.

Brent crude futures for June rose 6.4%, to $118.33 a barrel by 12:08 a.m. ET, ​increasing for an eighth day to the highest

level since March 31, Reuters reports. U.S. West ⁠Texas Intermediate futures for June rose 6.3%, to $105.19 a barrel, the highest since April 13. More than 500 million barrels of crude oil have been lost to the global market, resulting in lost oil production valued at more than $50 billion.

The Impact On Consumers At The Gas Pump

A recent CNBC poll found that survey-finds-.html#:~:text=Americans%20are%20feeling%20the%20pinch%20of%20higher,from%20April%2015%20to%2019%20and%20has" target="_blank" rel="noreferrer noopener">a majority of Americans are changing their habits because of what is happening at the gas pumps. The nationwide survey of 1,000 people found nearly 80% have made lifestyle changes because of gas prices. The poll was conducted from April 15 to 19 and has a margin of error of 3.1%.

Nearly 20% of the world’s traded oil passes through the Strait of Hormuz, but it remains unclear when ships

will begin to transport oil again. Oil production facilities in the region have either reduced or halted production during the war because, without permission to get ships through the Strait of Hormuz, oil will be stranded on ships and in storage tanks.

The United States is currently enforcing a naval blockade of the Strait of Hormuz to restrict oil shipments, and it remains unclear when shipments will resume.

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