Drivers across the country are feeling the pinch at the pump again as gas prices continue to climb. The national average price for gasoline has jumped to about $3.48 per gallon. That is nearly 50 cents higher than just a week ago.
The sudden spike is linked to rising global oil prices following the recent U.S. and Israeli military conflict with Iran. During the height of the tension, oil prices briefly surged past $100 per barrel. That is the highest level the market has seen in about two years.
One of the biggest concerns is the Strait of Hormuz, a narrow shipping lane in the Middle East where a large portion of the world’s oil supply travels. The ongoing conflict has disrupted activity in the area, which is causing uncertainty in global energy markets.
Drivers on the West Coast are being hit the hardest. In California, the average price for gas has reached around $5.20 per gallon. Washington state is not far behind, with prices averaging about $4.63.
The White House says it has a plan to stabilize energy markets and has described the price increase as a short term spike. However, analysts warn that gas prices could remain elevated throughout the summer travel season.
For many families, that means budgeting even more carefully as fuel costs rise again.