Gas prices top $4.50 a gallon, reaching highest level since July 2022
Summary
Gasoline prices in the U.S. have risen to an average of $4.54 per gallon, the highest since July 2022. The increase is largely due to disruptions in oil supply caused by the conflict in Iran and concerns about ongoing violence in the Middle East, despite falling crude oil prices.Key Facts
- Gas prices increased by 52% (about $1.56 per gallon) since late February, when the Iran conflict began.
- Prices rose in every state in the past week, with the Great Lakes region seeing the largest jumps.
- International oil prices (Brent crude) dropped to about $102.83 per barrel; U.S. oil (West Texas Intermediate) fell to $96.11.
- The Strait of Hormuz, a major shipping route for 20% of the world’s oil, remains mostly closed due to the conflict.
- Experts say gas prices will likely stay high for months, even if a U.S.-Iran deal is reached.
- Global oil supplies are low, with inventories near their lowest level since 2018, raising the risk of shortages.
- Factors like damaged refineries in the Middle East and increased summer driving also add to higher gas costs.
- Forecasts suggest oil prices may remain about $10 higher than before the conflict through the end of the year.
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