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Gas prices in U.S. hit record Labor Day high, thanks to Iran war and refinery issues
PBS • • business
Key Points:
- Rising gas prices, currently around $4.20 per gallon in parts of Delaware, are causing families like Nicole Collins' to limit travel and stay closer to home due to increased fuel costs and other expenses.
- Prices surged after U.S. and Israeli attacks on Iran in February, leading to reduced crude oil flow through the Strait of Hormuz, a critical shipping lane Iran has refused to reopen.
- Diesel prices have reached a record high of $5.85 per gallon, impacting transportation and consumer goods costs as trucking and freight delivery expenses rise.
- Factors such as near-capacity U.S. refinery operations, harsh weather, and international refinery disruptions in Ukraine and China contribute to ongoing price volatility and uncertainty.
- Energy Secretary Chris Wright noted efforts to reduce prices and forecasts suggest gasoline prices may decline in the coming months, but geopolitical tensions and supply issues continue to challenge fuel affordability.
