U.S. Energy Information Administration

Company

Last mentioned: 4d ago

Timeline

  1. Current Peak

    California gas prices hit $5.33, while the national average reaches $3.57.

  2. Market Correction

    Crude oil futures drop back to approximately $80 per barrel.

  3. Military Escalation

    Strikes against Iran begin; crude oil futures skyrocket toward $100/bbl.

  4. Baseline Pricing

    National average gas price sits at $2.93 per gallon.

Stories mentioning U.S. Energy Information Administration 1

market-trends Bearish

Global Conflict and Regulatory Costs Drive California Gas Prices to $5.33

The escalation of military conflict between the U.S.-Israel coalition and Iran has sent crude oil futures into a tailspin, with California gas prices hitting a national high of $5.33 per gallon. While national prices have risen 19% in a month, California's unique regulatory environment and geographic isolation are magnifying the impact of global supply disruptions.

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