Wind increasing. A mix of clouds and sun. High 63F. Winds WNW at 20 to 30 mph. Higher wind gusts possible..
Tonight
Partly cloudy and windy this evening then becoming cloudy after midnight. Low 52F. WNW winds at 20 to 30 mph, decreasing to 5 to 10 mph. Higher wind gusts possible.
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.
U.S. gas prices are climbing fast, and drivers are paying the highest pump prices since 2022 as the Iran war shakes oil markets. Many drivers face wild swings between stations and even from one day to the next. The Energy Information Administration says about half the price covers crude oil, and about 20% goes to refiners. Taxes take nearly 20%. Experts say retailers earn slim margins that get tighter when prices at the pump rise. Oil prices soared when U.S. markets opened Thursday, hours after President Donald Trump's speech on continuing the Iran war in which he asked Americans for patience.
By CATHY BUSSEWITZ, MAE ANDERSON and CHRIS RUGABER AP Business Writers
Sharply swinging oil prices have left consumers feeling the effects of the Iran war and its damage to worldwide energy production. Gasoline prices are climbing. Many people will find some of the most immediate economic pain at the pump. But not only drivers will be affected. Nearly all goods that are bought and sold must travel from where they're produced. That includes food. Those costs will climb with higher gasoline, diesel and jet fuel prices. Heating a home and cooking with natural gas are likely to cost more as the war grinds on. And the spike in oil prices will likely be a big factor for U.S. inflation. As the war continues, some experts say the price of everything could be affected.
By ALEX VEIGA, ELAINE KURTENBACH and WYATTE GRANTHAM-PHILIPS AP Business Writers
Oil prices continued to soar on Monday as the Iran war intensified, threatening production and shipping across the Middle East and straining energy supplies worldwide. The price of Brent crude, the international benchmark, briefly surged to $119.50 per barrel on Monday — its highest level since the summer after Russia invaded Ukraine in 2022. West Texas Intermediate, which is produced in the U.S., also soared to $119.48 per barrel at one point. The conflict, now in its second week, is ensnaring countries and infrastructure critical to the production and transportation of oil and gas worldwide.
Shares of major U.S. companies in the energy sector are sharply higher after President Donald Trump announced plans to take control of Venezuela's oil industry and said American companies would revitalize it after capturing President Nicolás Maduro. While the U.S. action is unlikely to have an immediate impact on crude prices given the current glut in the market, it could upend energy markets. Venezuela's oil industry is in disrepair after years of neglect and international sanctions. Some oil industry analysts believe that Venezuela could double or triple its current output of about 1.1 million barrels of oil a day and return the nation to historic production levels relatively quickly, others see a much longer road ahead.
