US Gasoline Prices Post Largest One-Day Jump Since Hurricane Katrina

American drivers faced the sharpest single-day increase in gasoline prices since Hurricane Katrina nearly two decades ago, as escalating tensions in the Middle East rattled global energy markets.

According to the American Automobile Association (AAA), the national average price for regular gasoline surged by 11 cents on Tuesday, bringing the average cost to $3.11 per gallon.

The spike follows U.S. and Israeli airstrikes on Iran, as well as the closure of the Strait of Hormuz, a critical artery for global oil shipments. Iran has also reportedly launched attacks targeting oil infrastructure in several Gulf states, intensifying fears of prolonged supply disruptions.

At a gas station in Washington, D.C., customer Wade Woolley told CNN correspondent Kristen Balderas that rising fuel costs are forcing difficult choices.

“Every time I fill up, I try to drive as little as possible,” Woolley said. “But sometimes, you just have to drive.”

The current surge contrasts with the early weeks of Russia’s 2022 invasion of Ukraine, when roughly three million barrels of Russian oil were disrupted and crude prices climbed more than 50% within weeks, surpassing $100 per barrel. Gasoline prices eventually soared from around $3.50 to $5 per gallon, though daily increases were not as sharp as the latest spike.

In the present crisis, nearly 20 million barrels of oil flows from across the Middle East were halted almost immediately following the outbreak of hostilities. Oil prices rose approximately 6% on Monday and another 7% on Tuesday, reaching about $76 per barrel.

Despite the rapid escalation, analysts say gasoline prices are not expected, at least for now, to approach the $5-per-gallon levels seen in 2022. However, continued instability in the Gulf region could further strain supply chains and place additional upward pressure on fuel costs.

The abrupt rise underscores how quickly geopolitical shocks can reverberate through American households, where energy prices remain a politically sensitive and economically consequential issue.