Gasoline prices soar as Strait of Hormuz closes due to Iran war
Iran’s closure of the Strait of Hormuz is raising gasoline prices, threatening oil supplies and raising concerns about the impact on the global economy.
- Amid the Iran war, gas prices are rising across the United States, reaching a national average of $3.47 per gallon.
- President Donald Trump dismissed the concerns, saying short-term price increases were a small price to pay for national security.
- But history shows that when oil prices rise this high, the pain can last.
President Donald Trump dismissed concerns about soaring oil and gas prices as the war with Iran escalates, calling it “a very small price to pay for America, for the world, for security and peace.” But drivers are feeling the pinch at the pump.
The average price of a gallon of regular gasoline in the United States on Monday, March 9th was $3.47, according to the AAA Auto Club. That’s up from an average of $2.99 a week ago, on March 2, and a month ago, on February 9, the organization said.
The state with the highest average gasoline price on March 9 was California, with an average price of $5.20 per gallon. The state with the lowest average gas prices as of March 9 was Oklahoma, where drivers paid an average of $2.92 per gallon for gas.
Similarly, on Monday, March 9, the price of a barrel of crude oil hovered around $100, according to OilPrice.com.
In a post on his social media platform Truth Social, President Trump said he was not concerned about drivers experiencing additional hardship at the pumps as the war in Iran continues.
In a post on Truth Social on March 8, President Trump wrote, “Once the Iranian nuclear threat is destroyed, short-term oil prices will fall rapidly, but it will be a very small price to pay for America, the world, security and peace.” “Only a fool would think otherwise!”
Patrick de Haan, head of oil analysis at GasBuddy, said in a post on X that gas prices are likely to continue rising as the war continues.
“Intraday rack price increases are hurting gas and diesel prices…Maine, South Dakota, Kansas, Kentucky, Pennsylvania, Ohio, Missouri, Arkansas, Tennessee, Minnesota, Texas, too many to list. Rack prices are what stations pay, so expect prices to reflect these movements soon,” De Haan wrote.
With this in mind, the USA TODAY Cars team looked at past periods when oil prices spiked to see how gas prices reacted.
What happened to gas prices the last time oil barrel prices soared above $90 per barrel?
The current price per barrel of crude oil is the highest since September 2023, when it reached $90.77.
Gasoline price trends over the next three months are as follows:
- October 2023: $3.61
- November 2023: $3.31
- December 2023: $3.13
What happened when gas prices soared above $90 per barrel in September 2022?
In August 2022, the price of a barrel of crude oil reached $90.09, while gasoline prices averaged $3.98 at the time.
Here’s how gas prices have changed over the next three months:
- September 2022: $3.70
- October 2022: $3.82
- November 2022: $3.69
When oil prices skyrocketed, what happened to gasoline prices at other times?
May 2022
- Oil barrel price: $114.38
- Gas price before spike: $4.10
- Gas price immediately after spike: $4.44
- Gas price after 1 month: $4.92
October 2021
- Oil barrel price: $83.50
- Gas price before spike: $3.18
- Gas price immediately after spike: $3.29
- Gas price after 1 month: $3.40
May 2014
- Oil barrel price: $103.80
- Gas price before spike: $3.66
- Gas price immediately after spike: $3.67
- Gas price after 1 month: $3.69
June 2008
- Oil barrel price: $139.96
- Gas price before spike: $3.77
- Gasoline price immediately after spike: $4.05
- Gas price after 1 month: $4.06
