Economics

1106 readers

108 users here now

founded 2 years ago

US average fuel price passes $4 a gallon for first time in four years amid Iran war (www.theguardian.com)

submitted 22 hours ago by MicroWave@lemmy.world to c/economics@lemmy.world

13 comments fedilink hide all child comments

National average hit $4.02, according to AAA data, capping an extraordinary rise from $2.98 just a month ago

Average US fuel prices have crossed $4 a gallon for the first time in four years, piling pressure on drivers as Donald Trump’s war on Iran continues to boost oil markets.

The nationwide average climbed to almost $4.02 on Tuesday, according to AAA data, capping an extraordinary rise from $2.98 just a month ago. The fuel price last reached this high in August 2022.

On the west coast, many drivers filling up cars and trucks are grappling with prices far higher than the US average. In California, the average is $5.89 a gallon; in Washington state, the average is $5.35.

you are viewing a single comment's thread
view the rest of the comments

[–] TubularTittyFrog@lemmy.world 2 points 16 hours ago* (last edited 16 hours ago) (1 children)

Americans drive much larger vehicles and are totally dependent on them for necessities of life.

Hence why our gas is so cheap. If our gas was 10 bucks a gallon our economy would collapse. at 5 dollars a gallon, they will cause recession

[–] hansolo@lemmy.today 1 points 15 hours ago

No, subsidies and domestic production and refinement are why it's less expensive than Europe.

The supply and demand argument would mean the "lack of demand" in Europe due to public transport and smaller cars should make it cheaper.