Story perspectives

US gas hits $4.23 /gallon, 40% jump post-war.

4/29/2026

Summary

**US Gas Surge**

US gasoline prices hit $4.23 per gallon on April 29, 2026, the highest national average in almost four years.
Prices rose $1.25 per gallon, over 40%, since the Iran-U.S. war began on Feb. 28, 2026.
Outages at BP’s Whiting, Indiana, Phillips 66’s Wood River, Illinois, and Marathon Petroleum’s Robinson, Illinois refineries tightened domestic fuel supply.
Retail gasoline margins fell about 30 cents per gallon, prompting stations to cut profits to keep pump prices below $4.

Summary

Wright predicts

Secretary Chris Wright told CNN he cannot rule out gasoline prices staying above $3 per gallon until 2027.
President Donald Trump rejected Wright’s outlook, saying prices will fall to $3 per gallon after the Iran war ends.
Chevron CEO Mike Wirth warned the Hormuz blockade will keep gasoline prices elevated for an extended period.
A GasBuddy-commissioned poll found a 12 % rise in Americans working from home due to fuel costs.

Summary

Washington Pauses Tax

Washington's 55-cent-per-gallon gas tax, the third-highest, will rise 2 % in July, prompting lawmakers to ask Governor Bob Ferguson to pause the increase.
The U.S. Energy Information Administration says a gasoline gallon costs 47 % crude oil, 16 % refining, 20 % distribution/marketing and 17 % taxes.
Diesel averaged $7.031 per gallon in the Seattle-Bellevue-Everett area on Tuesday, a price affected by longer transport distances, tighter supply chains and stricter environmental standards that raise costs.

History

Historical Context

In October 1973, OAPEC members led by Saudi Arabia raised oil prices 17 % to $3.65 per barrel and cut exports, launching the first oil shock that caused a sharp rise in U.S. fuel prices. The pattern reappeared in 2026 when the Iran-U.S. clash limited supplies at BP’s Whiting, Chevron and Marathon refineries, pushing U.S. pump prices above $4 per gallon.

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**US Gas Surge**

US gasoline prices hit $4.23 per gallon on April 29, 2026, the highest national average in almost four years.
Prices rose $1.25 per gallon, over 40%, since the Iran-U.S. war began on Feb. 28, 2026.
Outages at BP’s Whiting, Indiana, Phillips 66’s Wood River, Illinois, and Marathon Petroleum’s Robinson, Illinois refineries tightened domestic fuel supply.
Retail gasoline margins fell about 30 cents per gallon, prompting stations to cut profits to keep pump prices below $4.

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