Gas prices jumped
The national average U.S. gas price reached $4.15 on April 10, a 39% increase from $2.98 on Feb. 26 and the first time prices have topped $4 since summer 2022. (cnbc.com) That rapid move is one reason travel planners and transportation networks are reassessing short‑term costs. (eu.usatoday.com)
U.S. drivers were paying an average $4.15 for a gallon of regular gas on April 10, according to AAA, the first time the national average has been above $4 since August 2022. (gasprices.aaa.com) That price was up from $2.98 on February 26 and $3.98 on March 26, capping a six-week climb of about 39%, AAA said. By April 12, AAA’s national average had eased slightly to $4.13. (gasprices.aaa.com 1) (gasprices.aaa.com 2) The federal Energy Information Administration put the U.S. average at $4.12 for the week of April 6, up 13 cents from March 30 and 88 cents from a year earlier. West Coast prices were far higher at $5.40, while the Gulf Coast averaged $3.79. (eia.gov) The main driver is crude oil, which the Energy Information Administration says makes up about half the retail price of gasoline. In its April outlook, the agency said most of the recent increase in pump prices was coming from higher crude prices and normal springtime seasonal gains. (eia.gov) In the same outlook, the Energy Information Administration said the global oil market had entered “heightened volatility” after the de facto closure of the Strait of Hormuz, a route it said carries nearly 20% of global oil supply. Brent crude averaged $103 a barrel in March, up $32 from February, and daily prices reached almost $128 on April 2. (eia.gov) AAA said on April 9 that the national average had risen to $4.16 and that crude prices were still elevated even after a two-week ceasefire announcement between the United States and Iran. Its April 2 update said the national average first crossed $4 as crude moved above $100 a barrel. (gasprices.aaa.com 1) (gasprices.aaa.com 2) The jump is spreading beyond filling stations. CNBC reported on April 4 that Amazon added a 3.5% fuel surcharge for sellers and that JetBlue and United Airlines raised baggage fees as diesel and jet fuel costs climbed. (cnbc.com) USA Today reported on April 12 that airlines had not made major summer schedule cuts yet, but analysts were warning that a longer oil disruption could push up flight costs later in the season. CNBC also reported on April 11 that higher gas and airfare prices were already feeding into summer travel budgets. (usatoday.com) (cnbc.com) The price spike is still below the record U.S. average of $5.02 set on June 14, 2022, according to AAA. But after six weeks of increases, the next benchmark for drivers is whether crude settles down enough for pump prices to follow. (gasprices.aaa.com)
