US gas prices see largest one-day increase since 2005
March 3, 2026 07:34 pm
The price of gasoline in the United States soared 11 cents to $3.11 a gallon, on average, in the latest reading from AAA. That marked the largest one-day increase since Hurricane Katrina in 2005.
The US and Israeli attacks on Iran and the subsequent closing of the critical Strait of Hormuz passageway contributed to a massive surge in energy prices. Iran has also launched retaliatory attacks on the oil infrastructure of oil-rich US allies in the region, including the United Arab Emirates, Kuwait, Qatar and Saudi Arabia, the world’s largest oil exporter.
That has roiled world oil markets. In trading early Tuesday, the price of US oil was up 7% to $76, following a 6% rise in Monday trading.
Tuesday’s $3.11 average ended a three-month string of prices below $3 a gallon that began on December 1. It also means that prices are one cent higher than they were a year ago, and stand about where they were on Joe Biden’s last full-day in office in January of 2025.
Source: CNN
- Agencies
