US Gasoline Prices Hit $4 a Gallon Amid Conflict with Iran
US gasoline prices reached $4 a gallon on Monday following the sharpest monthly rise in decades. The surge follows major conflict-driven energy disruptions.
Average gasoline prices in the United States have risen above $4 a gallon for the first time in more than three years, marking the sharpest monthly increase in decades. This milestone, last reached in August 2022 following the invasion of Ukraine by Russia, comes as the conflict between Israel and Iran roils global energy markets. Shipping through the Strait of Hormuz has been largely blocked, driving up the cost of crude oil and various consumer goods. Retail gasoline prices have climbed approximately $1.06 per gallon, or 36%, since military operations began at the end of February. The monthly increase recorded in March is the steepest in data tracking from GasBuddy dating back to 2000. Analysts from MACQUARIE GROUP LTD recently noted that the price spike will have a significant impact on near-term economic indicators.
"There should be higher inflation figures and a potential lift to nominal spending growth, the analysts said."
