US Gas Prices Hit 4-Year High Amid Diplomatic Deadlock
Average US gas prices have risen to their highest level in four years, reaching $4.18 a gallon at the pump as US-Israeli peace talks with Iran remain deadlocked. The latest price hike marks the highest since April 2022, when gas prices breached $4.15 a gallon shortly after Russia invaded Ukraine. Average gas prices are now $1 higher than a year ago, when they were closer to $3.15 a gallon, and vary widely by state. Oil-producing states like Texas are seeing averages around $2 a gallon lower than in states that import gas. Brent crude, the global benchmark, hit $111 a barrel, lower than its March high of $119 but almost 60% higher than the average before the war. Such a surge comes as negotiators remain deadlocked over talks to reopen the Strait of Hormuz, the vital waterway through which a fifth of the world’s oil and natural gas passes. Although a ceasefire remains in place, both countries are continuing to limit shipping in the region. US President Donald Trump told advisers he opposes Iran’s proposal to reopen the Strait, which requires the US to end its naval blockade and fails to address the nuclear deal. In a Truth Social post, Trump claimed that Iranian leaders told him the country is in a “state of collapse” and they want to open the strait “as soon as possible.”
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The United States is less reliant on foreign oil than at times in the past. Why, then, have gasoline prices gone through the roof at America’s pumps?
