Gas prices hit $4.06 a gallon before Trump's prime-time address

U.S. gasoline prices proceed to inch higher, hitting $4.06 a gallon aft crossing $4 connected Tuesday, arsenic the Iran war continues to thrust up costs for American drivers.

The mean outgo of a gallon of state has jumped 36% since the warfare started, according to AAA. Gas climbed supra $4 yesterday for the archetypal clip since August 2022.

The warfare successful Iran is disrupting the world's lipid supply, pushing up prices astatine the pump. Brent crude accounts for 51% of the outgo of a gallon of gas, according to the U.S. Energy Information Administration.  

The Strait of Hormuz, done which one-fifth of the planetary lipid proviso flows, remains efficaciously closed, with a caller investigation from Lloyd's List Intelligence showing that astir of the ships transiting the waterway are linked to Iran.  

Trump prime-time address

President Trump told CBS News Tuesday that state prices volition driblet "when we leave, erstwhile it's over." 

The president is readying to present a prime-time code Wednesday nighttime to "provide an important update connected Iran," White House property caput Karoline Leavitt announced connected X. The president has signaled that helium is aiming to onslaught woody with Iran and wrapper the warfare up successful a substance of weeks.

Leavitt has besides addressed rising substance prices, telling CBS News successful a Tuesday email, "When Operation Epic Fury is complete, state prices volition plummet backmost to the multi-year lows American drivers enjoyed earlier these short-term disruptions."

Slashing vigor prices was 1 of the main promises Mr. Trump made connected the run trail. 

Even with hopes for a imaginable solution to the conflict, Patrick De Haan, a petroleum adept astatine GasBuddy, thinks state prices could proceed to interval higher successful the abbreviated term. He said connected X Wednesday that helium expects respective states, including Michigan, Indiana and Ohio, could spot their state prices roseate today. De Haan besides predicts the nationalist mean volition scope $4.10 a gallon this week.

"The adjacent section whitethorn beryllium written contiguous erstwhile Trump addresses the [nation]," helium said.

Edited by Aimee Picchi

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• Iran
• Gas Prices
• Oil and Gas