US drivers may soon see pump prices climb back up to $4
GasBuddy said the national average could hit $4 a gallon within 7 to 10 days as Strait of Hormuz traffic drops to a two-month low.
- The United States national average gasoline price reached $3.84 a gallon on Tuesday, a 26% jump from a week earlier, as renewed hostilities paralysing traffic through the Strait of Hormuz drove energy costs higher.
- Washington and Tehran's truce collapsed last week, prompting a United States naval blockade on Iran that reduced tanker transits through the Strait of Hormuz to their lowest level in two months.
- GasBuddy analyst Patrick De Haan predicts national gasoline prices could top $4 a gallon within 7 to 10 days, while diesel may reach $5, exacerbated by losses in Russian refining capacity.
- Rising pump prices create a political headache for President Donald Trump and the Republican Party ahead of November midterm elections, as fuel costs currently sit 22.2% higher than a year ago.
- A prolonged closure of the Strait of Hormuz could deplete global oil inventories, Mark Zandi of Moody's Analytics warned, potentially escalating current energy price shocks into a broader physical supply crisis.
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12 Articles
Oil reached its highest level in a month after a third day of attacks between the U.S. and Iran, and gasoline could come back to $4 per gallon.
U.S. drivers likely to see $4/gal gasoline prices within days, GasBuddy analyst says (USO:NYSEARCA)
US motorists could soon see gasoline prices at the pump returning to $4/gal within a week, as renewed hostilities between the US and Iran have pushed energy prices higher.
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Nemos News NetworkUS Gasoline Prices Could Top $4 Per Gallon Within Days
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U.S. Gasoline Prices Could Hit $4 Per Gallon Within Days
Following a few weeks of reprieve for drivers, the U.S. national average price of gasoline could top $4 per gallon within a week, as crude oil prices rallied by about 12% in the three days since Friday amid the all-but-collapsed U.S.-Iran ceasefire. The renewed hostilities in the Middle East have fueled a new crude oil price rally this week, while tight fuel markets globally are also pushing U.S. prices at the pump higher. “I've seen enough and …
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