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Gas Prices To See ‘Staggering Increases’ Across Multiple States
Newsweek • • business
Key Points:
- Americans are expected to see a sharp rise in gas prices on Wednesday and Thursday due to ongoing conflicts in Ukraine and Iran disrupting global oil supplies, with diesel prices potentially reaching $6.60 per gallon soon.
- The national average gasoline price rose to $4.37 per gallon on Wednesday, with California leading at $6.04 per gallon, while only 10 states have prices below $4 per gallon.
- Seasonal declines in gas prices typically occur after Labor Day, but this year those drops may be offset by escalating geopolitical tensions and supply disruptions in the Middle East and Ukraine.
- The conflict in the Strait of Hormuz and attacks on Saudi oil infrastructure have caused crude oil prices to surge, with Brent crude trading around $107 a barrel, up from $70 before the conflicts began.
- Rising fuel costs and inflation pose political challenges for former President Trump and Republicans ahead of the midterm elections, as voter concerns about the economy grow and Democrats gain a slight edge in perceived economic management.
