Countries where fuel prices are rising as the Iran conflict increases oil production
‘Barron’s Roundtable’ panelists discuss how the Iran conflict and rising oil prices are affecting global supply chains and fueling fears of inflation.
Americans are paying more for gas across the country, and some states have been hit harder than others as the Iran conflict raises oil prices.
The national average is now $3.95 per gallon, up $1.02 from last month, according to AAA.
Prices are rising in almost every state, and some states are already above the national average. On the West Coast, drivers are seeing the highest costs, with prices as high as $5.79 per gallon in California and $5.27 in Washington.
OIL, GAS LEVELS PUMP AS TRUMP BREAKS IRANIAN OIL CRASH.
Along the East Coast, electricity prices approached or exceeded $3.70 in several places, including $3.86 in New York and $3.80 in Maine.
In the Midwest, Illinois tops out at $4.16 per gallon, while most of the region stays close to the mid-$3 range. Southern states are generally lower, though still rising, with Texas at $3.62 and Florida at $3.93.
FARM DUST TRUMP LOOKS TO TACKLE HIGHER OIL PRICES AMID IRAN PROBLEM.
Gas prices are rising in almost every state in the United States because of the ongoing conflict in the Middle East. (Justin Sullivan/Getty Images)
Diesel outpaces gasoline because of its correlation with goods and industries, which means that increases can occur due to supply chains and increasing costs. It averaged $5.28 a gallon, up $1.69 over the same period, according to AAA.
The attack comes as traders are closely watching the Strait of Hormuz, the world’s most important energy hub where tanker traffic has slowed to a crawl as the situation escalates.
TRUMP PROMISES COSTS DOWN; THE CONFLICT WITH IRAN IS NOW DETERMINING THAT PROMISE
The satellite image shows the Strait of Hormuz, an important sea route connecting the Persian Gulf and the Gulf of Oman, which is important for the world’s energy supply. (Amanda Macias/Fox News Digital)
Just 21 miles wide in a very narrow area, a waterway between them Iranthe United Arab Emirates and Oman transport an estimated 20 million barrels of oil per day and one-fifth of the world’s liquefied natural gas, as well as a large amount of jet fuel.
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For US drivers, rates can continue to rise as summer travel and road trips begin.
