The Iran War & Gas Prices — Up, Up, Up

The Labor Day Weekend is coming and those traveling by auto are going to pay the traditional arm and a leg for fuel. That leads to the question of how much the war in Iran is driving up prices.

The simple answer? Lots. And in some states, lots and lots.

Nationwide gas prices are up about 44%. That has added an average of $1.25 per gallon. However, some states — many of them PIA Western Alliance states — would love to have seen hikes of that amount.

For example, the PIA Western Alliance state of Montana’s gas prices have gone from an average of $2.75 before the war to $4.39. That’s a change of $1.64, or to put it a different way, a 59.7% hike.

Four PIA Western Alliance states — Oregon, Washington, Hawaii and California — have seen much smaller increases and sit in the 49, 50 and 51 spots. The PIA Western Alliance state of Nevada sits at 46.

That said, three of the five states have seen the highest gas prices in the country for months. Is that why the price increases are lower?

No one knows but that may be one reason. Fuel companies might be hesitant to raise gas prices by 60% in California which would put prices at the pump to over $8 a gallon. Plus, California and Washington both have gas prices impacted by carbon pricing programs.

The top 5 states most impacted:

1. Iowa

Prewar price: $2.45

Current price: $4.14

Price change: $1.69

Percent of change: 69.1%

2. Oklahoma

Prewar price: $2.29

Current price: $3.87

Price change: $1.58

Percent of change: 68.8%

3. Colorado

Prewar price: $2.76

Current price: $4.48

Price change: $1.72

Percent of change: 62.2%

4. Minnesota

Prewar price: $2.57

Current price: $4.16

Price change: $1.59

Percent of change: 61.8%

5. Wyoming

Prewar price: $2,70

Current price: $4.37

Price change: $1.67

Percent of change: 61.8%

The PIA Western Alliance states:

6. Montana

Prewar price: $2.75

Current price: $4.39

Price change: $1.64

Percent of change: 59.7%

7. New Mexico

Prewar price: $2.61

Current price: $4.14

Price change: $1.53

Percent of change: 58.5%

17. Idaho

Prewar price: $2.97

Current price: $4.49

Price change: $1.52

Percent of change: 51.3%

27. Arizona

Prewar price: $3.16

Current price: $4.47

Price change: $1.31

Percent of change: 41.4%

34. Alaska

Prewar price: $3.50

Current price: $4.83

Price change: $1.33

Percent of change: 38.1%

46. Nevada

Prewar price: $3.64

Current price: $4.78

Price change: $1.14

Percent of change: 31.2%

48. Oregon

Prewar price: $3.71

Current price: $4.76

Price change: $1.05

Percent of change: 28.3%

49. Washington

Prewar price: $4.17

Current price: $5.24

Price change: $1.07

Percent of change: 25.7%

50. Hawaii

Prewar price: $4.17

Current price: $5.24

Price change: $1.07

Percent of change: 25.7%

51. California

Prewar price: $4.59

Current price: $5.43

Price change: $1.00

Percent of change: 21.8%

Source link: Visual Capitalist — https://bit.ly/4yfnFjw