"On Wednesday, for the first time since 2023, every US state posted an average gas price above $3 a gallon, according to AAA. Kansas - long one of the cheapest states for fuel - was the final holdout. On Tuesday, the state's average regular gas price sat at $2.96. By Wednesday, it had jumped five cents to $3.01, pushing all 50 states above the $3 threshold."
"US gas prices have been climbing steadily since early March as escalating violence across the Middle East ripples through global energy markets. Shipping traffic through the Strait of Hormuz - a narrow waterway south of Iran that handles roughly 20% of the world's oil and liquefied natural gas - has slowed significantly amid the United States' war with Iran, tightening supply."
"Global oil markets have swung wildly in response. Brent crude, the global benchmark for fossil fuel pricing, surged from around $70 a barrel in late February to more than $110 at the height of the escalation. On Wednesday, the International Energy Agency announced a coordinated release of 400 million barrels from its strategic reserves as it attempts to stabilize prices."
All 50 US states have crossed the $3 per gallon threshold for average regular gas prices as of Wednesday, marking the first time this has occurred since 2023. Kansas, historically the cheapest state for fuel, was the final state to surpass this mark, rising from $2.96 to $3.01. The national average stands at $3.58. Gas prices have climbed steadily since early March due to escalating Middle East violence affecting global energy markets. Reduced shipping through the Strait of Hormuz, which handles 20% of global oil and liquefied natural gas, combined with Iranian targeting of regional energy infrastructure, has tightened supply. Brent crude surged from $70 in late February to over $110 at peak escalation. The International Energy Agency released 400 million barrels from strategic reserves to stabilize prices, with Brent futures trading between $86-$91.
Read at Business Insider
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