As of Tuesday, April 14, 2026, the national average price for a gallon of regular unleaded gasoline stands at $4.12, according to AAA tracking—its highest level since August 2022 and up nearly $1 since early March.
Roughly 50% of the cost at the pump comes from crude oil prices, which have climbed above $100 per barrel (WTI and Brent benchmarks) due to the U.S. naval blockade of the Strait of Hormuz. The chokepoint carries about one-fifth of global oil supply; the ongoing Iran conflict has slashed tanker traffic, tightened inventories, and added a geopolitical risk premium.
The remaining breakdown includes refining margins (about 20%), distribution and marketing (10–15%), and federal/state taxes (18–24%). Spring driving season has boosted demand, while regional differences—California at ~$5.90 versus lower Midwest prices—reflect local taxes, refinery capacity, and logistics.
Near-term outlook remains elevated. The U.S. Energy Information Administration warns that even partial reopening of Hormuz flows could take months, keeping prices high into summer. Analysts forecast possible stabilization around $4.00–$4.30 if diplomatic progress occurs, but renewed disruptions could push averages toward $4.50 or higher. Consumers are already trimming discretionary driving as the Iran-related shock ripples through household budgets.
