US Gas Prices Soar as Oil Companies Reap Record Profits

Gas prices in the US have increased by $1 per gallon of regular fuel and $1.61 for diesel compared to last year, according to the American Automobile Association (AAA). Meanwhile, oil companies Chevron and ExxonMobil reported significant profit increases, with Chevron making five times more than in 2022 and ExxonMobil more than doubling its profits during the same period.

The Strait of Hormuz, a vital waterway that typically transports about a fifth of the world's oil and natural gas, has been affected by the ongoing war in Iran. Although the US does not heavily rely on oil from this region, a drop in oil supply anywhere causes prices to rise everywhere.

According to data tracked by the Get the Facts Data Team since 2010, drivers have seen prices increase by almost $1.50 for regular fuel and over $2.50 for diesel over the last 16 years.