Gas prices continue to rise following Iran strikes

AUSTIN, Texas - As tensions remain high with the ongoing conflict in Iran, the national price for gas surged past $4 on Tuesday, March 31. It's the highest it’s been since 2022.

What they're saying:

In the Austin area, AAA reported Tuesday’s average at $3.76 per gallon, a 13-cent increase from a week ago, and a dollar higher than gas prices a month ago. Some gas stations advertised gallon prices as high as $3.89.

"What can I do? What can I accomplish without sacrificing my pocket too bad?" asked Ben, who was filling up his truck in Austin as he made his way back to Waco. 

As gas prices increase week by week, the cost at the pump has hit him especially hard.

"Usually, I can hit it for like $40, $45 to fill up. Now it's $80 to $85. You got to kind of cut back on driving, then you got to kind of go back on other expenses."

For other drivers, the cost to fill up has been a bit more manageable.

"This is my first time filling up since probably the end of February. Usually costs me anywhere from like $30 to $31," one woman told FOX 7 as she put the gas pump into her sedan. 

When the car was eventually filled, the screen read a total of over $37.

"Yeah, so about like $6 or $7 more than I would typically pay," she said.

Dig deeper:

The price of crude oil barrels has now reached over $100, rising more than $30 in just a month and having a direct tie in to what you may have to dish out at the pump.

"When you look at gas prices, they're rising because crude oil prices have surged. Crude oil is the main ingredient in a gallon of gas. It makes up more than 50% to 60% of the cost of what you pay in each gallon," says Daniel Armbruster, a spokesperson for AAA Texas. 

The rising prices continue to be tied to the Strait of Hormuz, the middle eastern waterway in which 20% of the world’s oil travels through. The straight has been effectively closed by Iran since February 28, when the United States and Israel first began military strikes on the country.

"When you have some uncertainty there, it creates a reaction in the market that sends oil prices up. It's tough to say how long these increases will last. It's really going to depend on how markets react to what happens overseas," says Armbruster.

On Tuesday, President Trump addressed rising gas prices, as one reporter noted the $4 national gas prices.

"Well, $4. Yeah. And we have a country that's not going to be throwing a nuclear weapon at us in six months," replied President Trump.

When asked what the plan was to bring prices back down, Trump hinted that relief could be on the horizon.

"All I have to do is leave Iran, and we'll be doing that very soon, and they'll come tumbling down," said the President.

His remarks come just after a Truth Social Post, in which the President passed the responsibility of the Strait to other countries, who he told to go to the Strait themselves if they’re in need of fuel.

"All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused to get involved in the decapitation of Iran, I have a suggestion for you: Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just TAKE IT. You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore, just like you weren’t there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil! President DJT," read the post.

President Trump is set to address the nation on Wednesday night at 9 p.m. ET to deliver an "important update" on the war in Iran, but it is still unclear what he will announce.