Drivers are feeling it again at the pump, with gas prices climbing sharply in just days as global oil markets tighten.
The national average for a gallon of gas jumped 27 cents over the past week to $4.30, marking the highest level since July 2022 and sitting more than a dollar above where prices were a year ago.
The sudden increase follows a brief period of declining prices and is being driven largely by rising crude oil costs, which have surged past $100 per barrel amid ongoing disruptions tied to the Strait of Hormuz. Analysts say there is no clear timeline for when those shipping routes will fully reopen, adding uncertainty to the market.
Demand for gasoline also ticked up slightly in the latest reporting period, while domestic supply dropped by more than 6 million barrels. Production declined as well, tightening availability as the summer driving season approaches.
At the close of trading this week, U.S. benchmark crude settled at $106.88 per barrel, a nearly $7 increase in a single session. Total crude inventories remain slightly above the five-year average for this time of year, but recent declines are contributing to upward pressure on prices.
Regional differences remain stark. Drivers in California are paying more than $6 per gallon on average, while several states in the South and Midwest continue to see prices below $3.90.
Electric vehicle charging costs also edged higher, with the national average rising to 41 cents per kilowatt hour at public stations.
With demand expected to rise in the coming months and global supply concerns unresolved, motorists could see continued volatility at the pump in the weeks ahead.
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