Gas prices hit $4.06 a gallon before Trump’s prime-time address

U.S. gasoline prices continue to inch higher, hitting $4.06 a gallon after crossing $4 on Tuesday, as the Iran war continues to drive up costs for American drivers.

The average cost of a gallon of gas has jumped 36% since the war started, according to AAA. Gas climbed above $4 yesterday for the first time since August 2022.

The war in Iran is disrupting the world’s oil supply, pushing up prices at the pump. Brent crude accounts for 51% of the cost of a gallon of gas, according to the U.S. Energy Information Administration.  

The Strait of Hormuz, through which one-fifth of the global oil supply flows, remains effectively closed, with a new analysis from Lloyd’s List Intelligence showing that most of the ships transiting the waterway are linked to Iran.  

Trump prime-time address

President Trump told CBS News Tuesday that gas prices will drop “when we leave, when it’s over.” 

The president is planning to deliver a prime-time address Wednesday night to “provide an important update on Iran,” White House press secretary Karoline Leavitt announced on X. The president has signaled that he is aiming to strike deal with Iran and wrap the war up in a matter of weeks.

Leavitt has also addressed rising fuel prices, telling CBS News in a Tuesday email, “When Operation Epic Fury is complete, gas prices will plummet back to the multi-year lows American drivers enjoyed before these short-term disruptions.”

Slashing energy prices was one of the main promises Mr. Trump made on the campaign trail. 

Even with hopes for a potential resolution to the conflict, Patrick De Haan, a petroleum expert at GasBuddy, thinks gas prices could continue to float higher in the short term. He said on X Wednesday that he expects several states, including Michigan, Indiana and Ohio, could see their gas prices rose today. De Haan also predicts the national average will reach $4.10 a gallon this week.

“The next chapter may be written tonight when Trump addresses the [nation],” he said.