"The price of crude oil increased from about $67 per barrel before the war began on February 28 to nearly $97 on Monday, as the conflict snarls production and transport in one of the most energy-rich regions on earth. Oil temporarily passed $100 per barrel on Sunday before slightly easing back."
"The price tracker GasBuddy reported on Monday that the average price of gas in the US has risen by 51 cents per gallon over the last week. Yes, yes, definitely, said 52-year-old Alma Newell when asked if she was worried about price increases at a gas station in the coastal city of Goleta, California."
"I think the current price increase in oil suggests the US will see $3.50 to $4 gasoline by next week, and $5 diesel this week, said Gregory Brew, a senior analyst on Iran and oil at the Eurasia Group. The highest recorded average for gas prices at the pump was in June 2022, when prices soared to $5.034."
A regional conflict has triggered significant oil price increases, with crude rising from approximately $67 to nearly $97 per barrel as production and transportation face disruption in a major energy-producing region. Gas prices in the United States have climbed 51 cents per gallon within a week, with analysts projecting further increases to $3.50-$4.00 per gallon for gasoline and $5.00 for diesel. Consumers already struggling with high food and rent costs face additional financial strain. The price surge creates political pressure for the administration ahead of midterm elections, as cost-of-living remains a primary public concern. Historical context shows the previous peak gas price of $5.034 per gallon occurred in June 2022 following another major geopolitical conflict.
Read at www.aljazeera.com
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