The price of a gallon of regular gasoline in the U.S. climbed 31 cents in the past week, spiking to an average of $4.54 per gallon Wednesday, a price 52% higher than before the war with Iran began, according to AAA data.
The main reason drivers are paying more at the pump is because the war has stranded oil tankers near the Strait of Hormuz, a narrow passage through which a fifth of the world’s crude oil normally passes. The price of crude oil, which is the main ingredient in gasoline, climbed for most of the past two months because Iran has effectively shut the waterway located off its coast.
