Gas Prices Are Spiking—$5 a Gallon Could Be Here Soon

Gas Prices Are Climbing Fast

If you’ve filled up your tank recently, you probably noticed your wallet hurting a little more.

Gas prices are surging across the Northeast, and some experts say certain markets could hit $5 a gallon if tensions with Iran continue to escalate.

Crude Oil Jumps Past $100 a Barrel

Crude prices jumped past $100 a barrel last week, marking the biggest weekly gain since 1983.

The spike comes as production disruptions across the Middle East continue.

READ MORE: 70 MPH May Be Coming to Certain New York Highways

The Strait of Hormuz, a critical shipping lane, has slowed tanker traffic to a crawl. Storage depots are filling up, and countries like Iraq, Kuwait, and Qatar have dialed back production because there’s nowhere for the extra oil to go.

Why Your Gas Bill Is Going Up

With crude surging, gasoline prices followed.

The national average for a gallon of regular unleaded climbed more than 15% last week—the largest jump since 2022.

Get our free mobile app

Diesel, jet fuel, and other petroleum products also saw significant increases. Even with healthy U.S. production and a steady supply, prices are reacting to global supply fears.

As AAA Northeast notes, “even with strong domestic production, gas prices are heavily influenced by the price of crude oil.”

What This Means for Drivers

In New York, the average price is now $3.39 a gallon, up 39 cents from last week and 41 cents from last month.

The national average is $3.47.

California remains the highest at $5.20 a gallon, while Kansas and Oklahoma are some of the cheapest at $2.92 and $2.97.

For now, New York sits 18th highest in the nation.

Bottom Line

Whether you’re commuting, running errands, or planning a weekend getaway, brace yourself for higher gas prices.

Keep an eye on your tank and maybe fill up sooner rather than later—you don’t want to be caught empty when prices climb even higher.