Staggering pump increases coming

Energy analysts warned Wednesday and Thursday would bring major spikes in gasoline and diesel prices as global oil supplies tighten from ongoing conflicts.

“staggering increases at the pump for both gasoline and diesel”

Diesel hits record territory

U.S. average diesel reached $6.301 per gallon while gasoline hit $4.355, with analysts expecting diesel to surge past $6.60 in coming days.

“diesel could hit $6.60/gal in a few days, surpassing the inflation-adjusted peak seen in 2022”

California leads nation in prices

California drivers paid the highest price at $6.04 per gallon, while five other states including Washington and Hawaii exceeded $5 per gallon.

Most states now above $4

Only 10 states had average prices below $4 per gallon, while 34 states fell between $4 and $5, with Indiana offering the cheapest gas at $3.75.

Seasonal relief is vanishing

Gas prices normally drop after Labor Day as summer travel ends, but geopolitical escalations in Ukraine and Iran are offsetting the usual autumn decline.

Strait of Hormuz blockade tightens

Iran's control of the Strait of Hormuz, through which one-fifth of global oil transits, has created supply fears. A drone attack also closed Saudi Arabia's critical East-West pipeline.

Brent crude nearly doubles

International oil prices jumped to approximately $107 per barrel on Wednesday, up from about $70 before the Middle East conflict began.

Trump faces midterm headwind

Higher gas prices threaten Trump's political standing ahead of November midterms, after he promised to lower prices below $2 per gallon during his campaign.

Gas up 30 percent since Iran strikes

Since U.S. and Israeli strikes on Iran in late February, American gas prices have climbed more than 30 percent, eroding Trump's economic credibility with voters.