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Gas Prices Surge in the U.S. Marking Largest Daily Increase Since 2005

KVIA••CNN Newsource
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The average gas price in the United States has risen by 11 cents, reaching $3.11 per gallon, marking the largest single-day increase since Hurricane Katrina in 2005. This spike is attributed to escalating tensions in the Middle East, particularly U.S. and Israeli attacks on Iran, which have disrupted oil supply routes, including the critical Strait of Hormuz. As a result, oil prices have surged by 7% on Tuesday, following a 6% increase the previous day. This rise ends a three-month period where prices remained below $3 per gallon, reflecting a significant shift in the energy market and impacting consumers nationwide.

Key Details: • Average gas price now at $3.11 per gallon as of Tuesday. • Prices increased by 11 cents in one day, the largest since 2005. • Oil prices rose by 7% to $76 per barrel in early trading. • Prices are now one cent higher than this time last year.

economy energy oil gas-prices middle-east

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CNNAmerican Automobile Association

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