U.S. gasoline prices rise 50% since the start of the Iran war
Summary
Gasoline prices in the U.S. have risen 50% since the war with Iran began, reaching about $4.48 per gallon. The main cause is a global energy crisis triggered by disruptions to oil shipments through the Strait of Hormuz, a key route for crude oil.Key Facts
- U.S. gasoline prices increased by 31 cents in one week, averaging $4.48 per gallon.
- Gasoline prices have risen 50% since the start of the Iran war.
- The Strait of Hormuz, where one-fifth of the world's crude oil passes, is largely closed, blocking oil deliveries.
- Crude oil prices reached up to $112 a barrel in early April due to this supply disruption.
- About 51% of the gasoline price comes from crude oil cost.
- Other costs include federal and state taxes (17%), refining (14%), and distribution/marketing (17%).
- The U.S. blocked Iranian oil exports in April, increasing global oil prices further.
- Prices briefly fell when a ceasefire seemed possible but rose again as the conflict continued.
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