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US average gasoline price tops $4 per gallon for first time since 2022

US average gasoline price tops $4 per gallon for first time since 2022

The average gasoline price in the US climbed above $4 per gallon Tuesday for the first time since 2022 as fighting in the Middle East triggered a sharp rise in oil prices.

Data from the American Automobile Association (AAA) showed the national average gasoline price rose to about $4.02 per gallon, up from $3.99 on Monday.

It marked the first time since August 2022 that the average gasoline price in the US exceeded the $4 threshold.

Gasoline prices in the US were up 1% from a week earlier, while rising nearly 35% compared to a month ago.

On an annual basis, gasoline prices were also up about 27%.

Prices continued to vary across states due to differences in supply conditions and tax rates, with California posting the highest average at nearly $5.89 per gallon.

California was followed by Hawaii at $5.45, Washington at $5.35, and Oregon and Nevada at $4.93.

The average gasoline price stood above $4 per gallon in 12 states and Washington DC.

Meanwhile, the average diesel price in the US climbed to $5.45 per gallon, up 45% from a month earlier.

The increase in fuel prices was driven by supply-chain disruptions and production cuts linked to tensions in the Middle East, which sharply pushed up global oil prices.