Gas prices across the U.S. jump 11 cents per gallon, AAA says
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Crude oil prices are surging due to the Iran war, pushing up prices at the pump across the U.S., according to AAA.
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MoneyWatch Gas prices across the U.S. jump 11 cents per gallon, AAA says By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi March 3, 2026 / 11:14 AM EST / CBS News Add CBS News on Google Gas prices across the U.S. jumped 11 cents overnight as the war with Iran continued to spread, pushing up the average cost nationwide to $3.11 per gallon, according to AAA. The increase has pushed fuel prices to their highest level in more than three months, with the average cost of gas last at $3.11 on Dec. 1, 2025, data from the U.S. Energy Information Administration shows. Motorists could face even higher prices within days, with Gasbuddy petroleum analyst Patrick De Haan predicting that the price could jump by 30 cents a gallon by the end of the week. Oil prices are surging amid disruptions to global oil shipments through the Strait of Hormuz , the strategically vital waterway connecting to the Persian Gulf that handles 20% of the world's oil supply. Brent crude, the international standard, climbed $4.72, or 6.2%, to $80.83 per barrel on Tuesday. Benchmark U.S. crude rose $6.22, or 8.8%, to $77.45 a barrel, according to FactSet. Blow to consumers Higher gas prices are a "blow to households' real purchasing power," Capital Economics analysts said in a report. But, they added, "Much depends on how long higher prices are sustained. A brief period with oil prices at $80 per barrel would have a small impact, contributing about 0.4% percentage points to headline inflation for the period in question." The overnight rise in gas prices comes after fuel costs had already edged higher this year on concerns about flaring tensions between the U.S. and Iran. On Monday, gas prices averaged about $3 per gallon across t...
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