Gas Prices Up 56% In USA

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US gas prices have gone up, and up, and up since the country bombed Iran in late February. In March, I reported that the average price of gas in the country had gone up from $2.89/gallon to $3.48/gallon. Now, the average price of gas in the US is $4.517/gallon. That’s a 56% increase in the price of gasoline since the US bombed Iran!

This is clearly adding excess cost to budget-strapped households.

Every day or so, there is chatter about potential solutions to the war in Iran and Straight of Hormuz blockades. However, we are yet to see real solutions to get us past this crisis. In a report a couple of days ago, the New York Times wrote, “Hopes for an end to the war in Iran faded after President Trump failed to secure a commitment from China to help persuade Iran to reopen the Strait of Hormuz.” The title of the article: “Oil Prices Climb on Fears of Broader Energy Crunch.” Indeed.

Two months ago, I wrote an article exploring rising gas prices. They had gone up on average in the United States from $2.89/gallon right before the US bombed Iran to $3.48/gallon according to USAA. Now, the average price of gas is up to $4.513/gallon. Yowzers!

We all know it’s bad, but how bad is it historically? “The 2026 Iran war, including the closure of the Strait of Hormuz, has led to what the International Energy Agency has characterized as the ‘largest supply disruption in the history of the global oil market’,” Wikipedia writes.

The world has largely been using oil reserves in this time period in order to keep price down, relatively speaking, but the big concern is these are starting to run low. How much longer can the situation go on before gas prices go to seriously extreme levels?

Well, unless a political solution is achieved soon, we will see.

Pro tip: Now would probably be a good time to buy an electric car.