Gas prices top $3 a gallon in every US state for first time since 2023

Gas prices top $3 a gallon in every US state for first time since 2023 — Businessinsider
Source: Businessinsider

Every US state now has an average regular gas price above $3 a gallon, AAA's data shows — the first time that has happened since 2023. The national average rose to $3.58 on Wednesday.

Kansas was the final holdout. Its average jumped from $2.96 on Tuesday to $3.01 on Wednesday, pushing all 50 states past the $3 threshold.

Prices have been climbing steadily since early March as escalating violence across the Middle East reverberates through global energy markets. Shipping through the Strait of Hormuz has slowed, and Tehran has targeted regional energy infrastructure, tightening supply.

Global oil markets reacted sharply: Brent crude surged from about $70 a barrel in late February to over $110 at the height of the escalation. The International Energy Agency announced a coordinated release of 400 million barrels, and Brent futures were trading between $86 and $91 on Wednesday as governments moved to contain the fallout.

United States, Kansas

gas prices, aaa data, national average, kansas, middle east, shipping slowdown, tehran, brent crude, iea release, oil markets