Nashville gas prices climb toward $4 per gallon as Iran war continues
Add Axios as your preferred source to
see more of our stories on Google.
Gas prices are surging as the war in Iran continues, with the average cost in the Nashville area tilting toward $4 per gallon.
Why it matters: The Iran war is driving one of the sharpest gas price jumps in recent history, reports Axios' Dave Lawler.
- The uptick means filling up a 15-gallon tank costs about $19 more than it did before the conflict, per AAA.
By the numbers: The Nashville metro area hit an average price of $3.88 on April 1, according to GasBuddy data. (We've seen stations in parts of the city already setting prices of more than $4.)
- The national average on Thursday sat even higher, at $4.08.
The big picture: Those numbers stand in bleak contrast to a low point of $2.58 per gallon in the Nashville area last December.
What we're watching: There's little hope of returning to those lows as the Strait of Hormuz remains closed to most ships, straining supplies worldwide.
Driving the news: Oil prices have ascended to over $100 a barrel since the war began, raising the prices that consumers pay at the pump.
- Oil prices could reach an unprecedented $200 a barrel if the strait remains closed, analysts warn.
What's next: Even if the strait reopens soon, prices tend to fall more slowly than they rise, Ryan Cummings, chief of staff at the Stanford Institute of Economic Policy Research, told Axios.
Flashback: Nashville hit its highest-ever gas prices in 2022, when prices in the metro area hit $4.68 per gallon, per AAA.
The silver lining: At least we aren't in San Diego, where gas prices right now are nearly $6 per gallon.