NEW YORK, March 17 (Reuters) – The U.S. national average price for gasoline surpassed $3.75 a gallon for the first time since October 2023 on Tuesday, GasBuddy data showed, as global fuel markets continue to reel under supply disruptions caused by the Middle East war.
Surging pump prices are set to pinch consumers’ wallets and have soured voters on U.S. President Donald Trump’s decision to join Israel in attacking Iran ahead of November’s midterm elections that will decide control of Congress. Trump was reelected in 2024 after a campaign built around lowering energy costs for consumers.
The Middle East war has choked supplies from one of the world’s top oil-producing regions as Iran’s attacks on shipping in the Strait of Hormuz have stymied exports from Gulf producers.
The U.S. is relatively well-stocked on motor fuel, with about 28.5 days of supply in inventories as of the end of last week, the highest for this time of year since 2021. Still, prices at the pumps have surged in response to a tighter global market and as oil prices have also skyrocketed due to the war.
The cost of crude is the biggest component in retail fuel pricing.
U.S. national average retail gasoline prices have climbed about 84 cents a gallon since the U.S. and Israel attacked Iran at the end of February to $3.83 a gallon as of 4:55 p.m. ET, GasBuddy live data showed.
U.S. West Texas Intermediate crude futures have jumped from $67.02 a barrel to $96.16 over the same period.
(Reporting by Shariq Khan in New York; Editing by Bill Berkrot)
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