Breaking News: Oil Prices Soar and Stocks Dive After Trump’s Iran War Address Fails to Soothe Market Anxiety | CNN

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Breaking News: Oil Prices Soar and Stocks Dive After Trump’s Iran War Address Fails to Soothe Market Anxiety | CNN

Pain at the pump isn’t just a worry for states like California; it’s becoming a nationwide issue. Recently, gas prices surged the most in states that supported Donald Trump in the 2024 election.

According to AAA, here are the states experiencing the largest price jumps for regular gas over the past month:

  • Utah: +$1.46
  • Arizona: +$1.37
  • Florida: +$1.35
  • Idaho: +$1.30
  • Kentucky: +$1.27
  • Nevada: +$1.24
  • Tennessee: +$1.23

In comparison, the national average increased by $1.08, now sitting at $4.08 per gallon. Even though these states saw significant hikes, the highest fuel prices remain in traditionally blue states, with California at an astounding $5.89 per gallon.

A recent CNN poll revealed that 76% of Americans disapprove of Trump’s management of gas prices, indicating widespread frustration.

As we approach the busy summer travel season, experts are sounding the alarm. Bob Yawger, a commodity specialist at Mizuho Securities, warns that if the energy crisis isn’t resolved soon, gas prices could soar to $4.50 or even $5 by Memorial Day weekend, which runs from May 22 to May 25 this year.

Many Americans travel during this period, and rising fuel costs could make it a tough holiday. Yawger expressed concern, stating, “You can’t go into Memorial Day weekend with $5 gas. That’s a political suicide mission.”

This price surge is part of a broader trend. According to a recent report by the Energy Information Administration, the United States saw a 23% increase in gas prices over the last year. Factors contributing to this rise include rising crude oil prices and geopolitical tensions that disrupt supply chains.

In social media discussions, users are sharing their reactions. Many express disbelief at the soaring costs, while others are adjusting their travel plans to save on gas.

With the summer travel season around the corner, it will be crucial to see how these prices affect consumer behavior. For more in-depth information, you can refer to AAA’s latest report on gas prices here.



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