The price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon Tuesday, according to AAA. That's up 50% since the war with Iran began. Many drivers were hopeful in mid-April, amid signs that the conflict could be winding down, and gasoline prices fell daily for almost two weeks. But as the war continued, gasoline prices reversed course and began increasing again. And energy experts say that even once the war ends, it will take months for gasoline prices to return to prewar levels.
Global leaders have been scrambling to contain the rising cost of oil and gasoline since the start of the Iran war. President Donald Trump and other heads of state have been pulling on various levers while hoping to ease pain for consumers. They coordinated to launch 400 million barrels of oil onto the market. And Trump lifted sanctions on Russian and Iranian crude. Experts say the maneuvers are adding some oil to the market but it's not enough to halt the steep climb in gas prices that consumers are experiencing.
Gas prices are once again on the decline across the U.S. That's bringing some relief to drivers now paying a little less to fill up their tanks. The AAA motor club says the national average for gas prices on Monday stood around $3.44 a gallon. That's down about 8 cents from a week ago, more than 19 cents from one month back, and over 14 cents down from this time last year. Why the recent fall in prices at the pump? Industry analysts point to a blend of mild demand and increasing supply — as well as relatively mild oil prices worldwide. The future is never promised. But, if there are no major unexpected production interruptions, some experts say that prices could keep working their way lower.
