Gas prices hit $4 a gallon

EL PASO, Texas (KVIA) -- The national average price of regular gasoline in the United States rose above $4 per gallon for the first time since 2022. This as AAA reports an average of about $4.02 per gallon for regular fuel.

The increase has been linked to disruptions associated with the ongoing Iran war and related geopolitical tensions. Higher crude oil prices and wider fuel-market stress have contributed to these cost increases.

Gasoline prices vary across states due to differences in local taxes and supply conditions.

Yet diesel prices have also increased, with AAA reporting an average around $5.45 per gallon.

The International Energy Agency planned a release of 400 million barrels from emergency reserves to ease supply pressure.

Even though the U.S. is a net oil exporter, global price moves can still raise fuel costs for consumers. Households and businesses may face higher transportation and living costs as these prices remain elevated.