Gasoline costs 50% more in the US than it did before the Iran war
AAA said the average U.S. price climbed 50% as crude costs rose after the Strait of Hormuz was effectively shut.
- AAA reported gasoline prices spiked 31 cents to an average of $4.48 per gallon on Tuesday, representing a 50% increase since the Iran War began and hitting drivers nationwide.
- The Trump administration's decision to block Iranian oil exports forced global prices higher, while the effective closure of the Strait of Hormuz disrupted critical supply routes transporting a fifth of the world's crude oil.
- Rob Smith, director of global fuel retail at S&P Global Energy, noted a fundamental global supply shortfall continues exerting upward pressure on prices, while crude oil accounts for about 51% of gasoline costs, according to the Energy Information Administration.
- Oil markets remain exquisitely sensitive to White House announcements, Bob Kleinberg of the Columbia University Center on Global Energy Policy said, with traders reacting sharply to news regarding Persian Gulf diplomacy or shipping attacks.
- Jim Krane, energy research fellow at Rice University's Baker Institute, warned that even if the conflict resolves, a risk premium will persist for months, making it difficult to convince shippers the Strait region is safe again.
44 Articles
44 Articles
Washington.- The price of a gallon of regular gasoline in the United States rose 31 cents (8 cents per litre) in the last week, and it was fired at an average of $4.48 per gallon (1.18 dollars per litre) on Tuesday, according to the AAA car association, hitting the drivers' pockets with an increase of 50 percent since the war began with Iran. The main reason consumers are paying more at the gas station is the global energy crisis caused by the w…
Gasoline costs 50% more in the U.S. than it did before the Iran war
The price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon Tuesday, according to AAA. That's up 50% since the war with Iran began. Many drivers were hopeful…
The price of regular gas gallon increased by 31 cents last week, reaching an average of US$4.48 per gallon on Tuesday, according to the American Automobile Association (AAA). This increase of 50% since the beginning of the conflict with Iran weighs heavily on the motorist budget.
U.S. gasoline prices rise 50% since the start of the Iran war
The main reason drivers are paying more at the pump is because of the global energy crisis caused by the Iran War. The price of crude oil, which is the main ingredient in gasoline, has been climbing for most of the past two months because the Strait of Hormuz.
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