NC gas prices continue steep climb as Middle East war upends world oil markets
AI-generated summary reviewed by our newsroom.
- North Carolina gas averages rose 36 cents in the last week to $3.12/gal.
- Diesel climbed 70 cents to $4.25 while futures topped $85/barrel Friday.
- Strait of Hormuz threats and ships avoiding it are pressuring world supplies.
The most visible signs in North Carolina that the United States is at war in the Middle East are found outside gas stations.
The cost of fuel has spiked since the U.S.-Israeli attack on Iran last weekend, as world oil markets react to concerns about supplies from the Persian Gulf region.
The average price of a gallon of regular gas in North Carolina has jumped 36 cents in the last week, to $3.12 on Friday, according to AAA. Diesel fuel is up 70 cents a gallon during that time, to $4.25.
Nationwide, the average cost of a gallon of regular gas was about $3.32 on Friday, up 34 cents in the past week and the highest price since Labor Day weekend 2024, according to AAA.
Americans have not seen fuel costs rise this sharply since the Russian invasion of Ukraine in February 2022, which caused gas prices to jump more than 50 cents a gallon in about a week.
Oil prices continued to rise Friday morning, with futures prices topping $85 a barrel, up $20 a barrel in the past week.
Iran is a major producer of oil. But the larger concern is the Strait of Hormuz, the passage in and out of the Persian Gulf on Iran’s southern border, through which 20% of the world’s oil supply moves by ship. With Iran threatening to attack ships passing through the strait, many have stayed away, threatening oil supplies.
President Donald Trump said Tuesday that the U.S. Navy might begin escorting tankers through the straight “if necessary” and that the U.S. government might begin offering special insurance to ease concerns of ship owners and operators.
Gas prices had already begun to inch up ahead of the summer driving season, when demand increases and refineries switch to more expensive formulas that produce less pollution. The average price of a gallon of regular in North Carolina rose about a dime between early January and the end of February.
The statewide average of gas hit $3 a gallon on Wednesday for the first time in a year and a half. Friday’s prices are the highest since just before Labor Day weekend 2024.
