{"id":69417,"date":"2026-03-09T16:48:15","date_gmt":"2026-03-09T16:48:15","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/gas-prices-surge-as-oil-tops-100-a-barrel-heres-how-much-americans-are-paying\/"},"modified":"2026-03-09T16:48:15","modified_gmt":"2026-03-09T16:48:15","slug":"gas-prices-surge-as-oil-tops-100-a-barrel-heres-how-much-americans-are-paying","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/gas-prices-surge-as-oil-tops-100-a-barrel-heres-how-much-americans-are-paying\/","title":{"rendered":"Gas prices surge as oil tops $100 a barrel. Here&#8217;s how much Americans are paying."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Gasoline prices in the U.S. continued climbing on Monday after the U.S.-Israeli\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/us-iran-war-israel-stock-prices-down-oil-prices-up-despite-trump-reassurance\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">war with Iran<\/a><\/span>\u00a0pushed oil prices above $100 per barrel, the highest since 2022.<\/p>\n<p>The average national cost of gas is now $3.48 per gallon, up 48 cents since last week and 58 cents from a month ago, according to <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"nofollow noopener\">data<\/a> from AAA. That remains considerably lower than during the pandemic, when a disruption in oil supplies pushed the cost of regular gas up to $5.02.<\/p>\n<p>Prices are currently highest in California, where drivers were paying an average of $5.20 per gallon on Monday morning, and in Washington state, where gas hit $4.63 per gallon. Kansas has the country&#8217;s lowest average price, at $2.92 for a gallon of regular.<\/p>\n<div>\n<div style=\"min-height:534px\" id=\"datawrapper-vis-yfWST\"><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/yfWST\/full.png\" alt=\"Average gas prices by state, according to AAA (Choropleth map)\"\/><\/div>\n<p><amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable=\"\" src=\"https:\/\/www.datawrapper.de\/_\/yfWST\/\"> <\/amp-iframe><\/div>\n<p>The price of diesel, which has a tighter inventory than regular gas, has also skyrocketed, rising nearly 89 cents over the last week to $4.66 a gallon.<\/p>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/oil-prices-iran-war-strait-of-hormuz-gas\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Fuel prices have jumped<\/a><\/span> as the Iran war disrupts the flow of oil through the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/strait-of-hormuz-iran-oil-prices-us\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Strait of Hormuz<\/a><\/span>, the key channel that connects the Persian Gulf to the Gulf of Oman and the Arabian Sea.<\/p>\n<h2>JPMorgan says high gas prices could persist<\/h2>\n<p>Even if oil production and distribution resume relatively quickly, U.S. gas prices could stay elevated until the fall due to higher seasonal demand this summer, David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note to clients Monday.<\/p>\n<p>West Texas Intermediate, the U.S. benchmark, and Brent crude, the international benchmark, both\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/us-iran-war-israel-stock-prices-down-oil-prices-up-despite-trump-reassurance\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">jumped around 30%<\/a><\/span>\u00a0over the weekend to nearly $120 a barrel, before falling to around $100 per barrel on Monday.\u00a0<\/p>\n<p>&#8220;With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows,&#8221; GasBuddy petroleum analyst Patrick De Haan said in a report Monday.<\/p>\n<p>In many states, gas prices could rise an additional 20 to 50 cents per gallon this week, De Haan also predicted.\u00a0<\/p>\n<p>The cost of oil accounts for roughly 60% of the price of gas, according to industry figures, with taxes, local fees and other factors also affecting prices at the pump.<\/p>\n<h2>All eyes on Hormuz<\/h2>\n<p>The Eurasia Group, a political risk consultancy, forecast in a report on Monday that the price of crude will remain elevated \u2014 potentially reaching above $120 per barrel \u2014 until security in the Strait of Hormuz improves and tanker traffic resumes.\u00a0<\/p>\n<p>David Oxley, chief climate and commodities economist at Capital Economics, said in a note to investors: &#8220;From an energy market perspective, the impact on energy flows from the Middle East will be dictated by two key variables: a) how long the Strait of Hormuz remains closed, and; b) the extent to which potential damage to energy infrastructure in the region constrains energy exports in the future, even when\/if shipping through the strait resumes.&#8221;<\/p>\n<p>To alleviate oil supply pressures, President Trump last week announced that the U.S. International Development Finance Corporation will <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-dfc-persian-gulf-ship-insurance-iran-war\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">insure ships<\/a><\/span> sailing through the Persian Gulf. The government agency said it will insure losses &#8220;up to approximately $20 billion on a rolling basis,&#8221; although it remains unclear when it will start extending the maritime reinsurance.<\/p>\n<p>Mr. Trump said in a social media <a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/116196014942465383\" target=\"_blank\" rel=\"nofollow noopener\">post<\/a> on Sunday that he expects only a &#8220;short-term&#8221; increase in oil costs and that the rise is &#8220;a very small price to pay for U.S.A., and World, Safety and Peace.&#8221;\u00a0<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<div class=\"component__item-recirc-block\">\n<p><h3 class=\"component__title\">Go deeper with The Free Press<\/h3>\n<\/p><\/div>\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-today-us-iran-war-oil-strait-of-hormuz\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gasoline prices in the U.S. continued climbing on Monday after the U.S.-Israeli\u00a0war with Iran\u00a0pushed oil prices above $100 per barrel,<\/p>\n","protected":false},"author":1,"featured_media":69418,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[4107,1528,99,1057],"class_list":["post-69417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-gas-prices","tag-iran","tag-israel","tag-oil-and-gas"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gas prices surge as oil tops $100 a barrel. 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