US Gas Tops $4 A Gallon On Average As Iran War Increases Prices
By AP NewsPhotos: YouTube ScreenshotsAccording to motor club AAA, the national average for a gallon of regular gasoline is now $4.02 — over a dollar more than before the war began. The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine. Read more. Why this matters: Drivers in some states have been paying well over $4 a gallon for a while now. Since the U.S. and Israel launched a joint war against Iran on Feb. 28, the cost of crude oil — the main ingredient in gasoline — has spiked and swung rapidly. That’s because the conflict has caused deep supply chain disruptions and cuts from major oil producers across the Middle East. If the war drags on, it’s possible that those prices could rise even higher. Most tanker movement in the key Strait of Hormuz, where roughly one-fifth of the world’s oil typically sails through, remains at a halt.More expensive fuel can also push up other spending, from utility bills to the price of many goods consumers buy each day. In the immediate future, analysts point to groceries, which have to be restocked frequently and could also see price hikes as businesses’ transportation costs pile up. RELATED COVERAGE ➤ Photos show the effects of the Iran war on global energy worldwideWATCH: Rising gas prices squeeze gig workers, small business ownersInflation increases to 2.5% in Europe as Iran war boosts energy prices
Black News 
| By AP News Photos: YouTube Screenshots According to motor club AAA, the national average for a gallon of regular gasoline is now $4.02 — over a dollar more than before the war began. The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine. Read more. |
| Why this matters: Drivers in some states have been paying well over $4 a gallon for a while now. Since the U.S. and Israel launched a joint war against Iran on Feb. 28, the cost of crude oil — the main ingredient in gasoline — has spiked and swung rapidly. That’s because the conflict has caused deep supply chain disruptions and cuts from major oil producers across the Middle East. If the war drags on, it’s possible that those prices could rise even higher. Most tanker movement in the key Strait of Hormuz, where roughly one-fifth of the world’s oil typically sails through, remains at a halt. More expensive fuel can also push up other spending, from utility bills to the price of many goods consumers buy each day. In the immediate future, analysts point to groceries, which have to be restocked frequently and could also see price hikes as businesses’ transportation costs pile up. |
