Strait of Hormuz Fears Send California Gas Past $6 a Gallon
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- California's average gasoline price has surged above $6 per gallon for the first time since the Iran war began, reaching $6.01, driven by rising crude oil prices amid geopolitical tensions.
- The U.S. benchmark crude price, WTI Crude, jumped to $106 per barrel due to fears of a prolonged blockade near the Strait of Hormuz and potential escalation of the conflict.
- Nationwide, the average gasoline price rose to $4.30 per gallon, up from $3.99 a month ago and $3.18 a year ago, marking the highest level since July 2022.
- Gasoline prices have increased by approximately 28% since the Iran war started, reflecting tightened global oil and fuel supplies and the significant influence of crude prices on retail gasoline costs.
- While prices have not yet surpassed the 2022 record highs—$6.438 per gallon in California and $5.016 nationwide—they are rising steeply, posing political challenges ahead of the U.S. midterm elections.
