If rising grocery prices and housing costs weren't enough, U.S. consumers can now add soaring gas prices to the list of expenses that are straining their wallets. On March 13, the price per gallon surged to $3.63, according to AAA. That's up more than 23% from the $2.94 per gallon Americans were paying just one month ago. It's also nearly 18% higher than the cost of gas this same time last year.
While gas prices typically begin to spike in spring and summer, the dramatic jump in the cost to fill up your tank this year has been influenced by the recent conflict with Iran. About 20% of the global oil supply needs to pass through the Strait of Hormuz to reach its final destination. That supply route has ground to a halt since the conflict started and there are few alternatives for transporting the oil via any other routes.
