PHOENIX (AZFamily) — Gas prices in Arizona have jumped 60 cents a gallon over the past month, with Phoenix drivers seeing an average increase of 70 cents, according to AAA.
The spike comes as the war in Iran disrupts global oil markets and a new federal jobs report shows the U.S. economy shed 92,000 jobs last month.
The Bureau of Labor Statistics reported employers pushed the unemployment rate to 4.4%. In addition, U.S. stocks fell Friday, with the Dow dropping 684 points.
Gas prices tied to Iran conflict
GasBuddy reported gas prices rose 10% in a single day Friday . It’s a level not seen since 2022. Crude oil prices are approaching $90 a barrel, a roughly 40% spike from an average of about $60 a barrel over the previous six months.
Julian Paredes with AAA said the increases are tied directly to the conflict in Iran. The closure of the Strait of Hormuz has cut off global access to Middle Eastern oil.
While the U.S. does not import oil from Iran, oil is traded globally at a set price per barrel, meaning reduced supply drives up costs worldwide.
President Trump said the conflict in Iran could last four weeks or longer.
“That’s probably the scariest thing about this whole situation,” Paredes said. “A lot of the impacted gas prices depend on how long this conflict lasts, and how far this escalates — and really no one knows the answer to that right now.”
Phoenix food truck feels the squeeze
Jerry and Crystal Looker operate It’s Seoul Good, a Korean food truck in the Phoenix area. The husband-and-wife duo are, by their own admission, a bit of risk takers. It took some convincing at first.
“And that’s life — if you are afraid to take chances you are never going anywhere,” Jerry Looker said.
Years later, they are still serving up Jerry’s Korean family recipes: tacos, quesadillas, loaded fries. It’s become a passion, but each day is not always on the sunny side.
“I have not, when I say this to people, I’m not joking, it is the hardest I have ever worked in my life,” Looker said.
Their truck travels from place to place, hungry for diesel. As the war in Iran drives gas prices higher across the Valley, the Lookers are weighing what to charge as operating costs climb.
“We travel around because, like I said, we have different stops every day at different locations,” Jerry Looker said. “So we are using a lot of gas, so it is extremely pricey for us to do that.”
Like the menu they serve — teetering the line of sweet, salty and spice — they are teetering the line of what to charge.
“I don’t want to price ourselves out of being able to offer our cuisine to people who want it,” Looker said.
No end in sight for price hikes
AAA said there is no formula indicating when gas price hikes will stabilize. Paredes said the answer depends entirely on how long the conflict lasts and how far it escalates.
Current prices remain below the record highs seen in 2022, when a gallon of gas exceeded $5.
In the meantime, Paredes said drivers can stretch their gas by sticking to the speed limit and keeping tires properly inflated.
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