Summary
President Donald Trump highlighted efforts to lower gasoline prices in his State of the Union address. However, the war involving the U.S. and Iran has caused gasoline and oil prices to rise. Experts predict that energy prices may continue to increase if the conflict persists.
Key Facts
- Gasoline prices in the U.S. averaged $2.92 a gallon at the time of President Trump's State of the Union.
- The war with Iran began shortly after, causing an increase in oil and gasoline prices.
- Brent crude oil prices rose 15% from February 24 to March 4.
- By March 4, the average U.S. gasoline price was $3.19 per gallon, up from $2.94 three days earlier.
- The cost of crude oil significantly affects gasoline prices, accounting for about half of the cost.
- Experts say the duration of the war will influence how much prices continue to rise.
- The closure of the Strait of Hormuz by Iran impacts global oil supply, potentially raising prices further.
