PHOENIX (AZFamily)<\/b> \u2014 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. <\/p>\n
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.<\/p>\n
The Bureau of Labor Statistics<\/a> reported employers pushed the unemployment rate to 4.4%. In addition, U.S. stocks fell Friday, with the Dow dropping 684 points<\/a>.<\/p>\n Gas prices tied to Iran conflict<\/p>\n GasBuddy reported gas prices<\/a> rose 10% in a single day Friday . It\u2019s 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.<\/p>\n Julian Paredes with AAA<\/a> 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. <\/p>\n 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.<\/p>\n President Trump said the conflict in Iran could last four weeks or longer.<\/p>\n \u201cThat\u2019s probably the scariest thing about this whole situation,\u201d Paredes said. \u201cA lot of the impacted gas prices depend on how long this conflict lasts, and how far this escalates \u2014 and really no one knows the answer to that right now.\u201d<\/p>\n Phoenix food truck feels the squeeze<\/p>\n Jerry and Crystal Looker operate It\u2019s Seoul Good<\/a>, 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.<\/p>\n \u201cAnd that\u2019s life \u2014 if you are afraid to take chances you are never going anywhere,\u201d Jerry Looker said.<\/p>\n Years later, they are still serving up Jerry\u2019s Korean family recipes: tacos, quesadillas, loaded fries. It\u2019s become a passion, but each day is not always on the sunny side.<\/p>\n \u201cI have not, when I say this to people, I\u2019m not joking, it is the hardest I have ever worked in my life,\u201d Looker said.<\/p>\n 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.<\/p>\n \u201cWe travel around because, like I said, we have different stops every day at different locations,\u201d Jerry Looker said. \u201cSo we are using a lot of gas, so it is extremely pricey for us to do that.\u201d<\/p>\n Like the menu they serve \u2014 teetering the line of sweet, salty and spice \u2014 they are teetering the line of what to charge.<\/p>\n \u201cI don\u2019t want to price ourselves out of being able to offer our cuisine to people who want it,\u201d Looker said.<\/p>\n No end in sight for price hikes<\/p>\n 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.<\/p>\n Current prices remain below the record highs seen in 2022, when a gallon of gas exceeded $5. <\/p>\n In the meantime, Paredes said drivers can stretch their gas by sticking to the speed limit and keeping tires properly inflated.<\/p>\n See a spelling or grammatical error in our story? Please click here to report it<\/a>.<\/p>\n