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Gas prices rose to their highest national average since 2024.
The current average for regular gas is $3.699, according to the American Automobile Association, which is the highest average since April 2024, when it was reported to be $3.611, according to the U.S. Energy Information Administration. The national average increased by $0.024 from the previous day; $0.249 from the previous week; $0.772 from the previous month; and $0.62 from the previous year.
The U.S. Department of Energy warned that gas prices aren't expected to drop back down to levels prior to the war in Iran until at least mid-2027 via the Financial Times.
“We’ve got a lot of costs moving their way through the system,” said Tom Kloza, an independent oil analyst. “We’re looking at some really scary inflation ratings — pervasive inflation throughout the country."
Oil prices once again briefly surged past $100 per barrel -- which also occurred on Sunday (March 8) before dropping back down -- early Thursday (March 12) morning after seven tankers along the Persian Gulf and the Strait of Hormuz were attacked by Iran. The attacks caused Brent crude oil features to once again exceed $100, but dropped back down to $96.50 per barrel as of 7:00 a.m. ET.
An estimated one-fifth of the world's oil passes through the Strait of Hormuz accounts for an estimated one-fifth of the world's oil passes through and the IRGC warned that any vessel attempting to traverse would be prone to an attack.
“Expect oil at $200 per barrel,” a spokesperson said while addressing the United States' oil outlook Wednesday via the Post. “The price of oil depends on regional security, and you are the main source of insecurity in the region.”