Iran Sanctions Push Fuel Prices Higher
The national average gasoline price moved sharply higher for the week ending May 14, following the Trump administration's decision to withdrawal from an Obama-era nuclear deal and reimpose sanctions on the country.
Photo of gasoline fuel pump by Vince Taroc.
Photo by Vince Taroc.
The national average gasoline price moved sharply higher for the week ending May 14, following the Trump administration's decision to withdrawal from an Obama-era nuclear deal and reimpose sanctions on the country.
The average price jumped six cents to $2,87, and 36 states saw spikes of at least five cents from a week ago, according to AAA. The price is 16 cents higher than a month ago and 53 cents above a year ago. About 19% of fuel stations are selling gasoline for $3.01 or more.
"The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season," said Jeanette Casselano, AAA's spokesperson. "AAA predicts that the national average may reach $3 per gallon this summer, especially if crude oil prices continue to increase."
The states with the highest prices now include California ($3.69), Hawaii ($3.67), Washington ($3.38), Alaska ($3.31), Nevada ($3.30), Oregon ($3.28), Utah ($3.15), Idaho ($3.14), Connecticut ($3.04), and Pennsylvania ($3.04).
States with the highest increases on the week include Ohio (15 cents), Missouri (12 cents), Kentucky (11 cents), Minnesota (11 cents), Delaware (10 cents), Florida (10 cents), Colorado (nine cents), Maryland (eight cents), Oklahoma (eight cents) and West Virginia (eight cents).
Meanwhile, the average price of a gallon of diesel increased 6.8 cents to $3.239, which is 69.5 cents higher than a year ago.
Related: Energy Department Raises Diesel, Gasoline Price Forecasts
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