Gasoline prices soar as Strait of Hormuz closes due to Iran war
Gas prices are rising as Iran closes the Strait of Hormuz, threatening oil supplies and raising concerns about the impact on the global economy.
Gas prices are soaring in every state from California to New York, with drivers facing some of the highest gas prices they’ve seen in years.
While some people are already frowning at the high cost of living, others are trying to cut down on their spending at the pump by cooling their jets with long gas lines at Costco or Sam’s Club, downloading the GasBuddy mobile app to find the cheapest gas prices, or taking advantage of fuel rewards programs.
Crystal Goodner, 44, a content creator and freelance media professional active in her church and community, said she could only watch helplessly as the numbers on her pump ticked by faster than her heartbeat. She paid $20 more this week to fill her tank than she did two weeks ago.
When gas prices rose in 2020, she downsized to a midsize Infiniti sedan to save on fuel. At first, she missed driving a bigger car. No more.
Goodner, who lives in Jefferson, Indiana, said she is on a tight budget and “couldn’t imagine paying more right now.”
As gas prices soar to nosebleed territory, her habits are changing. When you need to fill up your tank, launch the GasBuddy app to find the cheapest gas prices. Downloads have increased dramatically since February, Gasbuddy said, and daily app usage has increased by nearly a third since the outbreak of the Iran war.
“For a lot of people, it’s just a quiet storm brewing with health insurance, then food prices, and then this,” Goodner said. “That’s another thing that’s making our lives even more difficult right now.”
The pain in the pump is the most devastating result of the February 28 US-Israeli attack on Iran, damaging American homes and businesses.
Before the war, President Donald Trump boasted about low gas prices. As the war enters its fourth week and the Strait of Hormuz is almost completely closed, oil prices are soaring.
The national average for a gallon of regular gasoline is $4 per gallon, a significant increase from the prewar level of $2.98. Truckers are furious over diesel prices, which have recently climbed above $5 a gallon.
The Trump administration is exploring ways to lower gasoline prices, from asking Congress to suspend the federal gasoline tax to increasing oil releases from the Strategic Petroleum Reserve, ahead of the crucial November midterm elections.
The International Energy Agency recommends working from home, carpooling and public transportation, and cutting back on non-essential travel to reduce fuel demand and ease oil prices. However, this is not always possible.
Sean Carey, 60, an operations manager for a corporate events company and a wildlife photographer, groaned as he paid $3.45 a gallon to fill up his Subaru Outback. Three weeks ago, he paid $2.49 a gallon at the same cheapest gas station near his home in Braintree, Massachusetts.
“I don’t like paying too much for things. It’s as simple as that,” he said.
Carey put 240,000 miles on his first Honda Element and 340,000 miles on his second. And he was always buying gasoline. Close to six train stations from his home, he regularly drives three miles and saves 10 to 15 cents per gallon, sometimes more.
“This is something that’s being talked about in my office right now,” Carey said. “Many of these young men have several children, mortgage payments and car payments, and one of the things they talk about is how that eats into their weekly paycheck.”
Never underestimate how much effort some people will go to to save money when it comes to refueling their tanks, both in the United States and abroad.
James McCabe, a 46-year-old loader operator from Edmonton, Canada, owns five older cars, including a gas-guzzling 2010 Toyota Tundra, but he drives a subcompact to construction sites during the work day because of its fuel efficiency.
About 10 years ago, he purchased two slip tanks. One is a 90-gallon portable gas container that I put in the back of my truck, and the other is a 40-gallon container that I keep in my backyard. This allows you to opportunistically stock up on gas when it’s cheap and get you through stressful times when prices skyrocket.
He used the GasBuddy app to find the cheapest gas and used a slip tank to fill up twice, ensuring he had enough fuel to last three months behind the wheel of his 2003 Toyota Echo.
“This is a clear savings,” McCabe told USA TODAY.
