The case of Gasoline

Brent crude surged past $126 a barrel early Thursday, while U.S. gasoline prices jumped to $4.30 a gallon. Gasoline has emerged this Friday as one of the stories drawing attention in New Zealand.

Key facts

• Brent crude surged past $126 a barrel early Thursday, while U.S. gasoline prices jumped to $4.30 a gallon.
• Here's what the "E15 Fuel Waiver" means, and everything you need to know about ethanol in gasoline to buy the right fuel for your machine.
• The average national price of a gallon of regular hit $4.30 on Thursday.
• The national average for a gallon of regular gasoline reached $4.30 on Thursday, a jump of 8 cents a gallon overnight and $1.33 a gallon since the war in Iran began on Feb.
• The latest news on gasoline, diesel and alternative fuel retailing.

What we know

Going deeper, Here's what the "E15 Fuel Waiver" means, and everything you need to know about ethanol in gasoline to buy the right fuel for your machine.

On the substance, the average national price of a gallon of regular hit $4.30 on Thursday.

Beyond the headlines, the national average for a gallon of regular gasoline reached $4.30 on Thursday, a jump of 8 cents a gallon overnight and $1.33 a gallon since the war in Iran began on Feb.

More precisely, the latest news on gasoline, diesel and alternative fuel retailing.

It is worth noting that Oil prices surged to a wartime high Thursday, with Brent crude, the international benchmark, topping $126 a barrel as concerns grew that the Iran war will drag on, tightening global energy supplies.

By the numbers

At this stage, most gas in America is 10% ethanol (distilled corn alcohol) and 90% gasoline.

On a related note, it has an octane rating of about 114, so refiners can take lower-grade gasoline, splash in 10% ethanol, and bring it up to the standard knock-resistance rating of 87 octane for regular gas.

Going deeper, while ethanol is cheap and abundant, it also has about 33% less energy than gasoline.

On the substance, a gallon of E10 has 96.7 percent of the energy in one gallon of gasoline, according to the DOE’s Alternative Fuels Data Center.”

What they're saying

“Ethanol’s lower energy density leads to worse gas mileage, which is why using E85 (E85 is 85 percent ethanol) in cars with a fuel system that accommodate it is usually a bad idea,” auto editor Kelsey Mays wrote. “The math carries to E10, which has up to 10 percent ethanol.

“So, we’re not necessarily using fossil fuel, so those prices react a little bit differently to the current market," Sedoryk said.

The wider context

On a related note, some engines are tuned to run E85—even more ethanol than gasoline.

Going deeper, some consumers conceded they can no longer afford to top off their tanks and others said they've parked their cars and are taking public transportation.

On the substance, We're only 16 cents a gallon away from that $4.50 a gallon mark," Patrick DeHaan, the head petroleum analyst for GasBuddy, a company that helps consumers find the cheapest gas, told ABC News.

Beyond the headlines, At one San Francisco Shell station, regular was going for $7.15 a gallon.

More precisely, the national average will probably hit $4.50 a gallon here in the next week and it could get uglier," DeHaan said.

The bottom line

• The average national price of a gallon of regular hit $4.30 on Thursday.
• The national average for a gallon of regular gasoline reached $4.30 on Thursday, a jump of 8 cents a gallon overnight and $1.33 a gallon since the war in Iran began on Feb.
• The latest news on gasoline, diesel and alternative fuel retailing.