"According to motor club AAA, the national average for a gallon of regular gasoline jumped over $3.84 on Wednesday, up from $2.98 consumers were paying before the U.S. and Israel launched the war with joint attacks against Iran on Feb. 28. The last time gas prices were as expensive as they are now was in September 2023."
"Pain at the pump has been one of the most immediate economic impacts of the conflict, because the price of crude oil - the main ingredient in gasoline - has soared and swung rapidly in recent weeks, due to supply chain disruptions and cuts from major producers across the Middle East. Brent crude, the international standard, was trading at nearly $108 a barrel Wednesday, up from roughly $70 just weeks ago."
"Companies that supply oil benefit from higher prices. But steeper costs always pinch consumers' wallets - and today's prices arrive as many households continue to face wider cost of living strains. It could also push up already stubborn inflation, at least in the short run, and potentially hammer the economy more significantly if rising costs drag on."
The conflict between the U.S., Israel, and Iran has significantly disrupted global oil markets, causing gasoline prices in the United States to reach $3.84 per gallon—the highest level since September 2023. This represents a substantial increase from the $2.98 per gallon price before the February 28 attacks. The surge stems from supply chain disruptions and production cuts by major Middle Eastern oil producers. Brent crude has climbed to nearly $108 per barrel from approximately $70 weeks earlier, while U.S. benchmark crude approaches $98 per barrel. Consumers nationwide report paying substantially more for fuel while receiving less gas. The White House has shifted its messaging, with President Trump now framing higher oil prices as beneficial for U.S. interests, given America's position as the world's largest crude producer. However, elevated fuel costs compound existing cost-of-living pressures on households and risk accelerating inflation.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]