The fuel price situation in the U.S. is a powder keg waiting to explode, and that explosion seems nearer now than ever. 

With the Strait of Hormuz traffic still limited, diesel prices continue to rise, and crude oil remains well over $100 per barrel. New data released this month from the Centre for Research on Energy and Clean Air confirms that the U.S. is paying the most among all countries for the Strait of Hormuz oil crisis: $160 billion in additional fuel costs.

President Trump is once again threatening violence against Iran over the Strait of Hormuz, deciding whether to “make a deal” with Iran or “finish it off.” 

“Do I finish it off, which would be very easy to do, or do I make a deal? It’s getting to be decision time,” Trump said in a Fox News interview on October 25.

Trump has made these threats previously against Iran, but with midterm elections approaching and his prior attempts to lower fuel prices not immediately paying off, the threat feels a little more sinister. 

The national average on-highway diesel price rose 8 cents to $6.352, according to data released by the U.S. Energy Information Administration (EIA) on October 27. Gas prices dropped 2 cents to $4.269. Compared to last year, diesel prices are up $2.634, and gas prices are up $1.234.

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.:

• Midwest: The biggest rise in diesel prices this week occurred in the Midwest for 13 cents to $6.480. 
• Rocky Mountain: In the Rockies, diesel prices rose 10 cents to $6.521.
• East Coast: Off the East Coast, diesel prices rose 10 cents to $6.079.
• Gulf Coast: Off the Gulf Coast, diesel prices rose 5 cents to $5.951.
• West Coast: Off the West Coast, diesel prices dropped 7 cents to $7.329. Without including California, diesel prices dropped 5 cents to $6.614.

According to AAA Motor Club (AAA), the current national diesel price average is $6.352. This is the exact same as EIA’s current estimate and $2.690 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 $4.269, according to EIA, 2 cents lower than last week’s average. 

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

• West Coast: The biggest drop in gasoline prices this week occurred off the West Coast for 14 cents to $5.417. Without including California, gas prices dropped 14 cents to $4.868.
• Gulf Coast: Off the Gulf Coast, gas prices dropped 8 cents to $3.702.
• East Coast: Off the East Coast, gas prices dropped 4 cents to $4.022.
• Rocky Mountain: In the Rockies, gas prices dropped 1 cent to $4.458.
• Midwest: In the Midwest, gas prices rose 12 cents to $4.269. 

According to AAA, the current national gasoline price average is $4.266. This is 0.3 cents lower than EIA’s current estimate and $1.214 higher than this time last year. 

In a recent press release, AAA stated, “The drop is fueled by the transition to winter-blend gasoline, which is cheaper to produce and costs less for consumers. But high crude oil prices are preventing steep declines at the pump. Currently, the price for a barrel of crude oil is nearing $100 per barrel amid instability in the Strait of Hormuz. This month is poised to set a record as the most expensive October ever for gas prices, following similar records set in August and September of this year.”