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Gas prices top $4 a gallon as Iran war triggers global oil shock
(NEW YORK) — Gas prices in the United States topped $4 per gallon on average Tuesday, crossing the milestone for the first time in nearly four years, just weeks after the U.S.-Israeli war on Iran set off a global oil shock and spiked fuel costs.
Prices at the pump have soared more than 30% since the war began on Feb. 28., AAA data showed. Fuel costs last exceeded $4 a gallon in August 2022 following the Russian invasion of Ukraine.
The Middle East conflict prompted Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The risk of a prolonged oil shortage triggered a surge in crude prices.
The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.
Global oil prices hovered around $104 a barrel on Tuesday, which amounted to a nearly 50% price leap from pre-war levels.
Crude oil is the main ingredient in auto fuel, accounting for more than half of the price paid at the pump, according to the federal U.S. Energy Information Administration.
Fatih Birol, the executive director of the International Energy Agency (IEA), earlier this week said the current oil crisis had surpassed the combined effect of worldwide energy shocks in the 1970s.
The global economy faces a “major, major threat,” Birol said at an event in Canberra, Australia, noting that no country would be “immune to the effects of this crisis if it continues to go in this direction.”
Member nations of the IEA announced two weeks ago that they plan to release 400 million barrels of oil from its strategic reserve, marking the largest oil release in the 32-nation group’s history.
The Trump administration is set to carry out the second-largest-ever delivery from the nation’s emergency reserve, which will make up nearly half of the IEA’s planned release. Trump also eased sanctions on Russian oil and suspended a key regulation of domestic oil transport. The president has also sought to restore tanker traffic in the Strait of Hormuz.
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Spanberger to hit on affordability in Democrats’ State of the Union response
(WASHINGTON) — Virginia Gov. Abigail Spanberger, a rising star in the Democratic Party who captured the governor’s office last year by a large margin, will deliver the Democrats’ response Tuesday night to President Donald Trump’s State of the Union address, focusing on affordability and the chaos she believes the Trump administration has caused at home and abroad, her team told reporters.
Spanberger, who was inaugurated in January after serving three terms in the House of Representatives, will discuss lowering the persistently high costs of housing, health care, energy and groceries despite the administration’s insistence that some of these costs have come down.
The daughter of a law enforcement officer and a nurse, Spanberger focused relentlessly on affordability throughout her 2025 gubernatorial campaign. Despite the economy being the top issue Trump ran on in the 2024 election, it’s been one of the issues he’s struggled with the most during his second term, as Americans still haven’t felt the “Trump boom” they were promised.
In an ABC News/Washington Post/Ipsos poll, 57% of Americans disapprove of how Trump’s handling the economy, and 64% disapproved of how he’s handling tariffs on imported goods.
Spanberger, a former CIA officer, will also address how the Trump administration is contributing to greater worldwide uncertainty.
Trump and his team have spent a large portion of his second term so far focusing on foreign policy, including Trump going head-to-head with some U.S. allies and becoming more aggressive on the world stage. A former federal law enforcement officer who worked on narcotics and money-laundering cases for the U.S. Postal Inspection Service, Spanberger will also address what critics call the chaos caused by the Trump administration, which continues its immigration enforcement efforts that Americans are seeing in their communities.
She is also expected to challenge Republicans in Congress for not standing up to Trump.
Several Democrats have invited survivors of late sex offender Jeffrey Epstein to attend Trump’s address, while others plan to skip the event altogether in protest.
The governor will give her speech live from Colonial Williamsburg, the restored 18th century capital where Virginian representatives voted for its delegation to Congress to propose independence for all 13 colonies from Great Britain, and later adopted the Virginia Declaration of Rights — which influenced the Declaration of Independence and Bill of Rights.
Spanberger has been able to appeal to both Democratic and Republican voters. She won the governor election in November by more than 15% — the largest margin for a Democrat in the state since 1961 — winning counties that voted for Trump in 2016, 2020, and 2024.
There are at least two major counter events that several Democrats plan to attend, including MoveOn’s People’s State of the Union, which is promoting the participation of more than 20 members of Congress; and the “State of the Swamp” event by Defiance.org that features a handful of celebrities appearing by video or in person, such as Robert De Niro.
Spanberger prepared for her remarks by watching speeches other Democrats have delivered in response to Trump’s previous addresses to Congress.
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