Gasoline prices at gas stations in the US rose reaching the highest level since the war against Iran began on February 28, with no chance of a peace deal to end it yet on the horizon, according to data released yesterday (Tuesday) by the non-profit American Automobile Association (AAA).
Americans were paying $4.18 a gallon (3.785 liters) yesterday. Prices had not reached such levels since the outbreak of Russia’s war against Ukraine in February 2022. Before the war began, the average price of gasoline was $2.98 a gallon. It has since risen by about 40 percent.
The increase is partly attributed to the closure of the Strait of Hormuz, part of a maritime artery crucial to global oil and gas trade. The strait has been de facto closed since hostilities began.
Although exports from the Gulf oil-producing kingdoms are primarily destined for East Asian countries, particularly China and Japan, commodity prices are rising globally and hitting motorists around the world in particular. Compared to Europeans, however, Americans continue to pay comparatively low costs for fuel.
Fuel: A comparison with Europe
When converted to liters and euros, the price of gasoline in the US is about 0.94 euros per liter, not fitting comparison with prices as even more than 2 euros per liter at gas stations in European countries like Germany, or Greece.
The US government imposes lower taxes and tariffs on fuel while meeting part of its needs thanks to domestic production of oil and its by-products.
