Anonymous1 day ago
The U.S. national average gasoline price surged 33 cents in a single week to $4.45 per gallon as of May 3, 2026, driven by the de facto closure of the Strait of Hormuz during the Iran war — the largest oil supply disruption in modern history. The spike hits lowest-income households hardest, with the bottom quintile spending over 10% of pre-tax income on fuel, while policymakers debate SPR releases, gas tax holidays, and whether the crisis will accelerate a long-term shift toward electric vehicles.