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Key FactsFuel Costs Surge Amid Iran Conflict Disruptions
Mar 31, 2026 · Reading time: ~45 sec.
Summary created with AI assistance · Source: cbsnews.com
  • Gasoline prices in the U.S. surpassed $4 per gallon for the first time since August 2022, reaching an average of $4.02.

  • The increase is driven by the Iran war and interruptions of crude oil shipments through the Strait of Hormuz.

  • Diesel prices also climbed to $5.45 per gallon, raising expenses for sectors like farming, construction, and freight transport.

  • Government efforts to release oil reserves and ease regulations have not sufficiently addressed supply shortages or reduced fuel costs.
  • When Operation Epic Fury is complete, gas prices will plummet back to the multi-year lows American drivers enjoyed before these short-term disruptions.
    — White House press secretary Karoline Leavitt, told CBS News in an email on Tuesday
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