Economic Impact of Rising Gas Prices:

U.S. gas prices surpassed $4 per gallon for the first time since 2022 on Tuesday. The AAA national average reached $4.02, more than a dollar higher than when the conflict in Iran started on February 28. Both Brent crude, the global standard, and benchmark U.S. crude are trading above $100 per barrel, up from $70 before the conflict. Experts warn that higher prices will impact more than just gas stations. As transportation costs go up, businesses might raise prices on non-oil goods too. For example, the U.S. Postal Service has asked for a temporary 8% surcharge on certain products, including priority mail, to cover increased gas costs. 
 As oil exports through the Strait of Hormuz– where one-fifth of the world’s crude oil usually passes— remain halted, emergency oil reserves have been released to help relieve pressure, including reserves from the International Energy Agency and the U.S. Some foreign reliance is necessary even though the U.S. is a net oil exporter because its light crude oil is different from the heavy crude its refineries are built to process. A recent AP-NORC poll found that 45% of American adults are “very” or “extremely” concerned about affording gas, up from 30% in 2024.