Fuel prices fluctuate greatly as violence picks up again in the Strait of Hormuz and the details of President Trump’s Venezuela oil deal are still emerging. 

After a few tense weeks, the U.S. on August 30 struck rocket launchers on an island in the strait. Iran then retaliated by attacking American bases in Jordan. The threats between the two countries continue, with Trump both threatening to hit Iran “hard” and claiming that the military response will be “limited.”

The war between the U.S. and Iran has raised diesel and gasoline prices for Americans, leading to public complaints. Trump has responded to complaints with almost every response in the book: accusing oil companies of price gouging, blaming Iran for the conflict that the U.S. and Israel started back in February, telling Americans to accept higher fuel prices during the Iran war, and—my personal favorite—praising a gas station chain in Philadelphia for lower prices, only for lawsuits to emerge against the chain for allegedly not paying its oil suppliers. 

His latest tactic is a new oil deal with Venezuela that will give the U.S. 65 billion barrels of Venezuela’s oil reserves. But experts say this won’t be a quick fix. 

Rystad Energy previously estimated that it would require about $180 billion of investment to return Venezuela to its peak production. Secretary of State Marco Rubio said on August 28 that Trump’s deal will bring approximately $100 billion of private-sector investment to the country.

“This will have absolutely no impact on gasoline prices or Venezuelan production for that matter for years to come,” David Goldwyn, who served as a State Department special envoy for international energy affairs under President Barack Obama, told CNBC.

The national average on-highway diesel price dropped 5 cents to $5.599, according to data released by the U.S. Energy Information Administration (EIA) on September 1. Gas prices dropped 1 cent to $4.071. Compared to last year, diesel prices are up $1.865, and gas prices are up 89 cents.

What are the current diesel prices across the U.S?

Here are this week’s diesel price highlights from each region of the U.S.:

• Gulf Coast: The biggest decrease in diesel prices this week occurred along the Gulf Coast for 12 cents to $5.360.
• Midwest: Diesel prices dropped 7 cents to $5.571.
• East Coast: Along the East Coast, diesel prices dropped 5 cents to $5.448.
• Rocky Mountain: In the Rockies, diesel prices rose 2 cents to $5.555.
• West Coast: Along the West Coast, diesel prices rose 9 cents to $6.497. Without including California, diesel prices rose 1 cent to $5.872.

According to AAA Motor Club (AAA), the current national average diesel price is $5.633. This is 3 cents higher than EIA’s current estimate and $1.942 higher than this time last year.

What are the current gasoline prices across the U.S.?

The current national average on-highway gasoline price is $4.071, according to EIA, 1 cent lower than last week’s average. 

Here are this week’s gasoline price highlights from each region of the U.S.:

• Rocky Mountain: The biggest drop in gasoline prices this week occurred in the Rockies, down 9 cents to $4.266.
• Midwest: In the Midwest, gas prices dropped 9 cents to $3.847.
• Gulf Coast: Along the Gulf Coast, gas prices dropped 2 cents to $3.618.
• East Coast: Along the East Coast, gas prices rose 2 cents to $3.937.
• West Coast: Along the West Coast, gas prices rose 6 cents to $5.206. Without including California, gas prices rose 5 cents to $4.823.

According to AAA, the current national gasoline price average is $4.095. This is 2 cents higher than EIA’s current estimate and 90 cents higher than this time last year. 

In a recent press release, AAA said, “Due to continued volatility in the Strait of Hormuz, crude oil prices remain in the $80 per barrel range. For the first time ever, the national average in August has been above $4 per gallon every day. This month is poised to set a new record as the most expensive August at the pump, surpassing the previous August record set in 2022.”