Surging gas prices keep breaking grim records as President Donald Trump’s war with Iran enters its third month.
Wednesday’s figures surged past record highs hit when President Putin launched his unprovoked war on Ukraine four years ago.
The average nationwide per-gallon price hit $4.23 in the U.S. amid a dual blockade by the U.S. and Iran of the Strait of Hormuz, the narrow shipping lane that has become a bottleneck for global oil supplies, according to data from the automobile club AAA.
That’s the highest average since the start of the war on Feb. 28, beating out Tuesday’s previously-highest average of $4.18.
In February, average prices were hovering around $2.85 per gallon, meaning they’ve shot up more than 40 percent since Trump first ordered strikes on Tehran.
The increase comes even as many gas stations have reduced their own profit margins in an effort to keep prices artificially low, below the $4 threshold, according to NBC News.
Analysts, however, say retailers are at the breaking point, and expect more jumps as early as this week.
Petroleum analyst Patrick De Haan wrote on X.com that a handful of midwestern states are seeing a double spike from the war in Iran and refinery challenges in the region.
He predicted that prices in Michigan could reach $4.49 to $4.69 per gallon by Thursday, with similarly bleak outlooks in Indiana ($4.29 to $4.59), Illinois ($4.69 to $4.99 in Chicago), Ohio ($4.39 to $4.59), and Wisconsin ($4.19 to $4.39).
Those states will be crucial to Republicans’ efforts to keep control of Congress in the November midterms, which are shaping up to be a disaster for the GOP.
With the president facing record-low approval ratings, Democrats are now predicted to take back control of the House, and are also proving more competitive than expected in several key Senate races, including Ohio.
For weeks, the White House has said that prices will come down when the president’s war with Iran ends.
White House spokesperson Taylor Rogers told the Daily Beast in a statement, “The president brought oil and gas prices down to multi-year lows at record speed, and as traffic in the Strait of Hormuz normalizes, these energy prices will plummet once again. President Trump has always been clear that these are short-term, temporary disruptions.”
But this week, Trump told aides to prepare for an extended blockade of the Strait of Hormuz, meaning prices are not likely to come down anytime soon.
De Haan warned on Wednesday that the national average, which is at its highest point since July 2022, could soon hit $4.30 per gallon.
Economists say the higher gas prices risk driving up the costs of other basic necessities, including grocery and utility prices. Inflation is already at 3.3 percent year-over-year, according to the Bureau of Labor Statistics.
Last week, Energy Secretary Christ Wright told CNN that he didn’t think gas prices would fall below $3 per gallon until at least 2027.
Trump, however, quickly disputed his energy chief, saying, “No, I think he’s wrong on that. Totally wrong.”
