Cleveland eyes $4 gas — ouch
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The war with Iran continues to drive one of the sharpest gas price surges in recent history, including in the Cleveland area.
Why it matters: Gas prices are approaching $4 per gallon, meaning a tank that might have taken $40-$45 to fill last month might cost over $60 this week.
Driving the news: Metro Cleveland was averaging about $3.86 as of Tuesday for regular gas, a month after it had averaged $2.84, per AAA.
- The statewide average was $3.83 as of Tuesday, while the national average was $3.98.
Flashback: We're a far cry from early January, when Cleveland gas prices were at their lowest point in three years.
Zoom in: Prices vary significantly depending on your location in the Cleveland area, per GasBuddy, which crowdsources prices.
- On Tuesday morning, gas was reported as $3.49 at the Gas USA station on West 177th Street and $3.29 at the EXBO location on Bellaire Avenue.
- At the other end of the spectrum was the Shell location on Carnegie Avenue and the busy BP station across from Progressive Field, both priced at $4.09.
Yes, but: At least we aren't in parts of California, where prices have surpassed $6.
What they're saying: The White House insists prices will fall rapidly once Trump's military objectives in Iran are achieved.
- "President Trump has been clear that these are short-term disruptions. Ultimately, once the Iranian regime is neutralized, oil and gas prices will drop rapidly again, potentially even lower than before the strikes" began, White House spokesperson Taylor Rogers said in a statement.
The other side: Some analysts say it could take weeks to months for prices to ease, even after the war begins to wind down. That could keep gas prices elevated into the summer.