The average price of gasoline has increased to its highest level since mid-2024, according to new data.
The average price of gasoline on Friday has increased to its highest level since mid-2024, according to an analyst, as the conflict in Iran continues and as prices shot up quickly over the past seven days.
As of Friday morning, according to GasBuddy analyst Patrick De Haan, the U.S. national “average price of gasoline has climbed to $3.306 per gallon, the highest level since August 31, 2024.”
The national average a week ago was $2.982 per gallon, meaning the average price has increased 32.4 cents, he wrote in a report posted on X.
“Diesel prices are rising even faster,” he wrote. “The national average for diesel has reached $4.264 per gallon,” or the highest point since November 2023. It marks a 51.2-cent increase in one week, he said, noting it’s “one of the most dramatic” rises of diesel in years.
The American Automobile Association (AAA) on Friday reported similar findings, with a gallon of regular gasoline averaging $3.320. It added that diesel hit an average price of $4.330, also showing a rise of more than 50 cents over the past seven days.
According to a map provided AAA, California remains the state with the highest average price at $4.905 per gallon while Washington state and Hawaii are next with $4.494 and $4.449 per gallon, respectively. The only other state to report gasoline above $4 was Oregon, it found.
Like other analysts, De Haan noted that the price of oil has shot up in recent days as the crucial Strait of Hormuz, which moves around 20 million barrels per day, has been effectively shut down as U.S.–Israeli strikes against Iran continue. Tehran has responded by firing missiles and drones at neighboring countries and has threatened to shut down the strait.
“While the Strait has not been formally closed, the combination of military threats, attacks, and insurance risks has effectively created a de facto shutdown,” De Haan wrote. “That means millions of barrels of oil that would normally flow to global markets simply aren’t reaching buyers.”
If the crisis around the strait continues, the problem will only be exacerbated, he warned, adding that an immediate reopening would create a challenge of “catching up on days’ worth of missing shipments.”
