There is pain at the pump for drivers across the country — the D.C. area included — as oil prices skyrocket due to the U.S. and Israel-Iran war.
Average gas prices in the District have risen nearly 44 cents in the last week, averaging $3.48, according to GasBuddy. The national average has risen even more dramatically, climbing 51 cents per gallon in the last week and averaging $3.45.
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“In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
On Monday, oil prices in the stock market went from their highest price in years — nearly $120 per barrel — back toward $90. The uncertainty following disruptions to the energy industry in the Middle East lead to constantly moving swings in the stock market and worries over the possibility of stagflation.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” President Donald Trump said in a posting on his TruthSocial account.
In Maryland, gas is averaging $3.48, up nearly 54 cents from last week.
It’s not any better in Northern Virginia, where WTOP’s Luke Lukert spoke to some people who were filling up their tanks. Watch the video to hear what they had to say about prices.
