Iran, war and gas prices
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The overwhelming majority of gas stations are small businesses. The rise in the wholesale gas price they pay has cut deeply into their already thin profit margins.
A new refinery problem in the Midwest is raising fears of another sharp spike in gas prices, just two weeks after a similar issue sent prices up nearly 80 cents in a single day.
Gas prices are now $1.40 higher than they were a year ago and have reached their highest level since 2022, when the national average peaked at $5.01 per gallon, AAA reported.
As steep fuel prices strain household budgets during the war with Iran, U.S. President Donald Trump wants to suspend his government's tax on gasoline. It's a move Trump can't do on his own — and the president has yet to specify how long he'd like such pause to last.
The price of a gallon of regular gas has dropped a few cents overnight, according to AAA.
6hon MSN
Philadelphia-area drivers reckon with surging gas prices: "nothing but an upward trajectory"
Drivers in the Philadelphia area say they're changing their routines because of rising gas prices.
Average gas prices have soared by more than 50% since the start of the Iran war.
U.S. gas prices average $4.50; experts say a closed Strait of Hormuz and rising oil costs could push prices past $5 by summer.