Gas Prices Surge 11 Cents in One Night Across the U.S.
Sharply rising gas prices could increase demand for smaller cars, hybrids, and EVs
Who cares? The President doesn't pay for the fuel his cars and planes and whatever burn.
Après moi, le déluge!
S E E D E D C O N T E N T
Gas pump Getty
The average price for a gallon of gas in the U.S. increased sharply on March 3 , amid ongoing conflict in the Middle East. Although an increase in gas prices was expected, the jump of 11 cents in one night suggests further volatility in the weeks ahead. The current national average for a gallon of gas is $3.109, up from $2.997 on Monday. A week ago, average gas prices stood at $2.883 per gallon. For many commuters, the sudden increase will come as an unpleasant surprise, especially the millions of Americans who drive larger, more powerful SUVs and trucks.
Key Points
- U.S. gas prices rose sharply amid Middle East conflict, averaging $3.109 per gallon.
- State variations exist; Californians pay much more while Wisconsin saw one of the largest weekly jumps.
- Rising prices may drive consumers toward hybrids, boosting brands like Toyota and Honda.
Some States Hit Harder Than Others
Vehicles in line at a Costco gas station in Vallejo, California David Paul Morris/Bloomberg via Getty Images
In Jackson, Mississippi, resident Anne Dulske paid $15 more than she usually did to fill up her tank on Tuesday. “It’s going to affect everything in our lives,” said Dulske to the Associated Press . “It’s very scary, and it does hit closer to home than people think.”
While more increases are possible, not all analysts believe average gas prices will go as high as $4/gallon. “We are knee-deep into the gas price increases,” said Patrick DeHaan, head of petroleum analysis at GasBuddy, a tech company helping people find cheap gasoline. “Many Americans seem very panicked that prices could hit multiple dollars higher than [$4 per gallon], which at this point, I wouldn’t say anything’s impossible, but certainly it’s quite improbable based on the current developments.”
Current gas prices remain far below record figures recorded in June 2022, when a gallon of regular unleaded was $5.016.
How High Gas Prices Could Impact Car Sales
Ford F-150 Lariat Ford
Gas prices could remain elevated through early spring, based on projections that the conflict in the Middle East could last up to five weeks . A possible 30-cent increase nationally would significantly increase monthly costs for high-mileage drivers.
Longer-term increases in gas prices have a direct impact on the automotive market. Consumers may begin moving from thirsty SUVs and trucks like the Ford F-150 for more efficient models, while hybrid sales—which are already booming—could get a further boost.
A study by Kelley Blue Book shows that almost half of car buyers say gas prices influence the type of vehicle they’ll buy, which could favor efficiency-minded brands like Honda . Toyota , one of the industry’s leaders in the hybrid space , could see even more demand for electrified models like the RAV4 and Camry—both models are now exclusively hybrids.
Whatever
Tags
Who is online
94 visitors
Gee... Golly... Gosh...
How could anyone ever have imagined this happening??
Hmmm....bomb an oil rich country which has the capability of strangling the shipping lanes and something's going to happen...
....not that I expect this sheep brained potus to think of that
day number 411 of POS/POTUS's 2nd term. when are gas and grocery prices going down?
Still lower than under Bumbling Biden.
11 cents increase, I wish. More like 40 cents in my neck of the woods.
It went up 20 cents over night here in Arkansas. It had gone up about 13 cents the week before
Yes but you no longer have to lose sleep over Iran nuking Arkansas next week.
I really wouldn't be so certain of that. I can see sleeper cells being activated and they have numerous suitcases full of dirty bombs.
Want to really scare Americans? Attack a small rural city like Little Rock or Memphis because people don't think it can happen. Remember OK City
Wouldn't have such a high potential if it weren't for the open border policy the last administration ran with.
Jeez...
With the increase, they are 20% lower than they were in 2022.
The current AAA numbers are actually $3.20 a gallon, but according to the same source the average for the year 2022 was $4.06 a gallon.