Gas prices went up more than 30 cents a gallon last week. How high could they go?
Gas prices in the U.S. rose more than 30 cents per gallon in one week, reaching an average of $4.446 due to the ongoing Iran war and closure of the Strait of Hormuz. Experts warn prices could continue to climb as long as the strait remains closed and global oil supply is disrupted. Even after the conflict ends, it may take months for prices to return to normal due to supply chain delays and low inventories.
- ▪Gas prices increased from $4.099 to $4.446 per gallon in one week, according to AAA.
- ▪The Strait of Hormuz remains closed due to the Iran war, disrupting a key global oil and gas trade route.
- ▪The Department of Energy released 17.5 million barrels from the Strategic Petroleum Reserve between March 20 and April 24 to help stabilize prices.
- ▪Seven OPEC+ countries agreed to increase oil production by 188,000 barrels per day starting in June.
- ▪A weakened U.S. dollar, down about 10% since early 2025, is contributing to higher import costs and travel expenses.
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Economy Gas prices went up more than 30 cents a gallon last week. How high could they go? May 3, 20266:24 PM ET By Chandelis Duster Gasoline prices are displayed at a Mobil gas station on April 29 in Portland, Ore. Jenny Kane/AP hide caption toggle caption Jenny Kane/AP Gas prices in the U.S. have gone up more than 30 cents a gallon in the last week and are slated to continue rising as the Strait of Hormuz remains closed amid the Iran war. The cost for regular gas as of Sunday is an average $4.446 — a week ago it was $4.099, according to AAA's fuel site. U.S. gas prices were an average $2.98 on Feb. 26 — two days before the war in Iran began — and a year ago, the average price of gas was $3.171, according to data from AAA.
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