U.S. Gas Prices Jump 44% Since Iran War as Iowa Leads States With 69.1% Surge
Updated
Updated · Visual Capitalist · Aug 27
U.S. Gas Prices Jump 44% Since Iran War as Iowa Leads States With 69.1% Surge
3 articles · Updated · Visual Capitalist · Aug 27
Summary
$1.25 a gallon has been added to U.S. gasoline prices since the Iran war, lifting the national increase to about 44% from the Feb. 18 pre-war baseline.
Iowa posted the steepest rise at 69.1%, with Oklahoma close behind at 68.8%; much of the biggest percentage jump is concentrated in the Midwest and Mountain West.
10 million barrels a day were knocked off the global market after the Strait of Hormuz closed, driving crude higher and feeding through to retail fuel prices.
A 12-gallon fill-up now costs about $15 more on average, and a sustained increase of this size would add roughly $560 a year per vehicle.
California, Hawaii and Washington saw the smallest percentage gains—21.8% to 25.7%—but still have the highest pump prices, at $5.59, $5.43 and $5.24 a gallon.