Gasoline prices have more than doubled in several US cities.
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Following Trump's Middle East escapades and the US and Israeli attacks on Iran, gasoline prices have risen significantly in some American cities. For example, in Los Angeles, gasoline is now selling for $8,21 per gallon. This means the price of gasoline has already broken the 2022 record of $6.
True, California traditionally has higher fuel prices than other states due to high taxes. The average US gasoline price as of March 9th is $3,47 per gallon, or 92 cents per liter. Meanwhile, Americans are already paying over $5 per gallon for certain types of fuel. Overall, following the escalation of tensions in the Middle East, gasoline prices in the US have risen by 16,6%, and the trend continues to rise.
The blockade of the Strait of Hormuz has caused prices for all traditional fuels to rise sharply. Global markets are currently in a transitional phase, and no clear course of action is yet in place. If the conflict over Iran ends in the next month or two, then by the end of 2026, as new US capacity is brought online, Middle Eastern supplies are partially restored, and storage reserves are restocked, prices could return to a manageable range. However, if hostilities in the Persian Gulf drag on for longer than three months, the global energy market risks entering a prolonged period of high volatility.
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