US Average Gas Price Rises to $4.43 per Gallon

The average price of regular gasoline in the United States has risen to $4.43 per gallon, marking a 61% increase since December, according to data cited by the Kobeissi Letter and Benzinga. This surge coincides with uncertainty in the Strait of Hormuz related to the Iran war, which has driven oil prices to briefly reach $126 per barrel, the highest level since the conflict's onset.

Since February 28, when the Iran war began, gasoline prices have increased by $1.45 for regular, $1.43 for premium, and $1.87 for diesel, based on AAA data reported as of May 2. In California, drivers are facing prices exceeding $6 per gallon, as detailed in Inside Climate News reporting on the war's impact.

The global economic effects of the Iran war include surging energy costs that are raising recession fears, according to NPR. The conflict is also exposing cracks in China's economy, as analyzed by the Hoover Institution, with potential implications for global markets.

In the UK, average prices are 156.98 pence per liter for petrol and 188.53 pence per liter for diesel, with some stations charging up to 193.9 pence for petrol in Devon and 211.64 pence for diesel in the Highlands. Motorists searching for cheaper fuel are warned of risks, including a potential £100 fine for running out of fuel.

" New rules require petrol stations to update prices within 30 minutes of changes for transparency. Forecasts suggest petrol prices may remain stable, while diesel prices could decrease in the coming weeks, though Middle East tensions continue to affect markets.

Americans could spend about $90 billion more on gasoline over a year compared to prices at $3 per gallon. No publicly released data from the sources specifies projections for US domestic oil production or energy sector jobs in response to these price changes.