Pump Pain Reached 4 Dollar Level.
U.S. gasoline prices have surged above $4 per gallon for the first time in more than three years, as the oil supply shock triggered by the Middle East war rapidly drives up costs for families.
Prices at the pump hit a nationwide average of $4.018, the highest level since August 2022 when Russia’s war against Ukraine shook energy markets, the travel association AAA said. Gas prices have soared more than 30% since the U.S. and Israel attacked Iran in late February, according to AAA data.
“We foresee potential for a disruption to the American fuel supply,” Lee Zeldin, head of the Environmental Protection Agency, told reporters at S&P Global’s CERAWeek conference in Houston last week. The EPA is temporarily lifting some regulations to increase gas supplies in an effort to ease prices.
By Aileen Graef ‘CNBC’
