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The average price of gas is now more than $4 per gallon, the highest level in more than three years, according to the American Automobile Association.
The average price of regular gas was reported to be $4.018 per gallon on Tuesday (March 31), which is higher than the $3.990 average one day prior; the $3.977 average one week prior; the $2.982 average one month prior; and the $3.168 average one year prior. The price of gas varies among U.S. stats with California nearing an average of $5.89 per gallon while Texas has stayed around the $3.678 mark.
The national average for gas prices had last been above $4 in August 2022, shortly after surging to $5 per gallon for the first time in June 2022, three months removed from Russia's launch of its invasion of Ukraine. The current gas spike has been caused by the ongoing 'Operation Epic Fury,' the U.S. and Israel's joint war with Iran, who responded to the operation by blockading the Strait of Hormuz, which serves as a vital waterway for trade along the Persian Gulf responsible for an estimated 20% of the world's oil supply traveling through.
President Donald Trump claimed that the short-term spike in oil prices would "drop rapidly" once “the destruction of the Iran nuclear threat is over" in a post shared on his Truth Social account earlier this month.