Gas prices at record levels in Olympia and state of Washington

Motorists found no relief at the pump this week, as local and state gas prices remained at historically high levels amid ongoing tensions in the Middle East that have crippled delivery of oil to customers across the world.

The average price of regular unleaded gasoline stood at a record $5.817 per gallon in the Olympia market on Friday, May 15, which was unchanged from the per gallon price on Friday, May 8, according to data compiled by AAA.

One year earlier, the average price of regular unleaded gas stood at $4.371 per gallon in the Olympia market.

Gas prices have been on the rise since the United States and Israel launched coordinated military operations against Iran on Feb. 28.

Despite a weekslong ceasefire agreement, tensions between the U.S. and Iran have kept oil tankers from getting through the Strait of Hormuz, multiple media outlets have reported. 

The Strait of Hormuz, which is a crucial passageway for oil shipments, connects the Persian Gulf with Arabian Sea and is bordered by Iran to the north and Oman to the south.

The bottleneck has had a profound effect on oil and gas prices. A barrel of West Texas Intermediate, the benchmark for pricing in the U.S., and a barrel of Brent crude oil, the benchmark for pricing around the globe, both closed above $100 on May 15. 

A week prior to the start of the military operations West Texas Intermediate was trading around $65 per barrel and Brent crude was trading at around $70 per barrel.

Gas prices in the U.S. are highest in the West where California ($6.142 per gallon), Washington ($5.775 per gallon) and Hawaii ($5.648 per gallon) held the top three spots on May 15.

In the state of Washington, the highest average price for regular unleaded gas was posted in the Seattle-Bellevue-Everett market at a record $5.974 per gallon on May 15, up from $5.955 per gallon one week ago.

The lowest average price for regular unleaded gas was recorded in the Clarkson market at a record $5.252 per gallon on May 15, up from $5.032 a week earlier. AAA tracks gas prices in 14 markets across the state of Washington.