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Trump Blockade Pushes US Gas to $4.54 per Gallon

5/7/2026

23 5 Full Breakdown

Summary

Trump Blockade

U.S. gasoline price rose to $4.54 per gallon on Wednesday, the highest since July 2022.
The price is about 52 percent higher since the Iran-related war began after the Strait of Hormuz was shut, pushing crude above $100 a barrel.
President Donald Trump ordered a blockade and launched “Project Freedom,” then paused it, with analysts expecting prices to stay above $4.50 and at $6.16 in California and $3.96 in Oklahoma per gallon.

Summary

Georgia Tax Ends

Georgia's temporary 33-cent-per-gallon gas tax suspension expires on May 19, risking higher prices.
Ride-share driver Nassir Johnson in metro Atlanta says the surge forces him to work off-peak to avoid $30-$40 extra daily fuel cost.
S&P Global Energy director Rob Smith warns that even a lasting Hormuz agreement will keep a risk premium for shippers and insurers, delaying a return to pre-war market conditions.

History

Historical Context

During the October 1973 OAPEC oil embargo—prompted by the Yom Kippur War—Saudi Arabia and other Arab producers cut output by about 5 million barrels per day, driving world crude from $3 to nearly $12 per barrel, a 300 % jump. That shock created strategic reserves and price-premium thinking, which today’s Hormuz blockade and the Trump-era Project Freedom echo.

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Trump Blockade

U.S. gasoline price rose to $4.54 per gallon on Wednesday, the highest since July 2022.
The price is about 52 percent higher since the Iran-related war began after the Strait of Hormuz was shut, pushing crude above $100 a barrel.
President Donald Trump ordered a blockade and launched “Project Freedom,” then paused it, with analysts expecting prices to stay above $4.50 and at $6.16 in California and $3.96 in Oklahoma per gallon.

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