Gas Prices Just Jumped $0.48 in One Week, and History Says They're Going Higher
AOL.com • • business
Key Points:
- Gasoline prices in the U.S. surged by more than $0.48 per gallon during the first week of the Iran conflict and have continued rising, reaching $3.88 per gallon recently.
- Iran's Islamic Revolutionary Guard Corps has threatened to block all oil shipments through the Strait of Hormuz, prompting the U.S. to consider naval escorts for tankers, though no action has been taken yet.
- Historical oil crises in the Persian Gulf, such as the 1973 OPEC embargo and the 1979 Iranian Revolution, show that gas prices often remain elevated for years after supply shocks occur.
- The current conflict could lead to prolonged high gas prices unless the underlying geopolitical tensions with Iran are resolved, similar to the
