PHILADELPHIA (KYW Newsradio) — The average cost of gasoline jumped sharply overnight as a result of ongoing military action in the Middle East.
A gallon of gas costs an average of $3.11 nationally, according to AAA — an 11-cent increase from Monday. AAA expects gas prices to continue to climb.
“We saw gas prices make their highest [overnight] leap since Hurricane Katrina,” said Jana Tidwell, spokesperson for AAA Mid-Atlantic. “In the Philly five-county area, the gas price average now sits at $3.11 a gallon — that’s up 9 cents in the last week.”
Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
Iran has also struck energy facilities in Qatar and Saudi Arabia, and disrupted tanker traffic through the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all oil traded passes, sending global oil and natural gas prices soaring.
Benchmark U.S. crude jumped 8.6% to $77.36 a barrel.
Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war would clog the global flow of crude.
The price of crude is the single largest factor in how much U.S. drivers pay for fuel. And higher oil prices are usually felt at the pump within a couple of weeks at most.
Crude price increases are substantially reflected in pump prices in 20 days and a $10 per barrel increase typically results in a rise of around 25 cents per gallon, according to 2019 research by the Federal Reserve Bank of Dallas.
AAA recommends drivers consolidate trips to try to cut down on gas usage.
“The in and out, the back and forth is burning gas,” said Tidwell, “so if you have to run errands, do them all in one fell swoop while you’re out and about instead of doing them over several days.”
Tidwell also said removing extra weight from your car can help stretch your gas tank.