Gas pump prices in the US rose to their highest level ever during President Donald Trump’s tenure, as disruptions to Middle East energy supplies continue to drive the increase.
According to the American Automobile Association, the average retail gasoline price rose to $3.32 per gallon as global benchmark Brent crude futures gained 4.5% to trade at $89.23 a barrel.
U.S. consumers are now paying about 26 cents more per gallon to fuel their cars than a week ago, according to data from GasBuddy.
Diesel prices have also climbed, rising 40 cents over the last week.
Futures jumped 27% this week, marking the biggest weekly increase since March 2022, when Russia began its full-scale invasion of Ukraine.
Qatar’s energy minister, Saad al-Kaabi, stated that Gulf exporters would halt production in days if tankers cannot pass the Strait of Hormuz.
The Middle East disruption also occurs as US refiners shift from producing winter-grade gasoline to a more expensive grade, an annual transition that typically raises prices in the spring.
United Airlines CEO Scott Kirby said the spike in jet fuel prices will have a “meaningful” impact on the company’s first-quarter results.
By CEO NA Editorial Staff
