Kaltbaum Capital Management president Gary Kaltbaum discusses pressure on chipmaker and AI stocks, the economic impact from higher oil and gas prices and monetary policy under Fed Chairman Jerome Powell on ‘Varney & Co.’
Fuel prices are rising rapidly across the country, adding pressure to already strained household budgets conflict with Iran increases the cost of oil worldwide.
Prices are rising in almost every state, with some states already above the national average.
As of April 1, the national average for regular gasoline stood at $4.06 per gallon, according to AAA — up $1.08 from last month.
On the West Coast, drivers are seeing the highest costs, with prices as high as $5.89 per gallon in California and $5.35 in Washington.
TRUMP PROMISES COSTS DOWN; THE CONFLICT WITH IRAN IS NOW DETERMINING THAT PROMISE
On the east coast, electricity prices they approach or exceed $4 in several places, including $4.19 in Washington, DC, and $3.98 in New York.
In the Midwest, Illinois tops out at $4.25 per gallon, while most of the region remains in the $3 range. Southern countries remain generally cheaper, although prices are rising. Texas averaged $3.77 and South Carolina $3.90, while Florida was the highest at $4.21.
A man is seen pumping gas from his truck at a gas station. (M. Scott Brauer/Bloomberg via Getty Images)
Meanwhile, diesel outpaces gasoline because of its entanglement with goods and industries, meaning increases can ripple through supply chains and raise costs throughout the economy.
Diesel currently stands at $5.49 a liter, up $1.73 from last month, according to AAA, surpassing $5 for the first time since December 2022 as the war in Iran continues to disrupt the world. strength goods.
BEFORE AND AFTER SATELLITE IMAGES PROVIDE SNAP VIEW OF DAMAGE INSIDE IRAN
Closely related to logistics and industry, diesel is rising faster than gasoline, increasing the risk of higher costs across supply chains and the wider economy. (Rebecca Noble/Bloomberg/Getty Images)
“Gas prices may indeed fall, but are unlikely to return to their pre-war levels for months, in part because of the time needed for global supplies to recover,” wrote Patrick De Haan, head of petroleum research at GasBuddy.
De Haan said seasonal factors also work against drivers. Demand typically increases heading into the summer months, while refinery maintenance and the switch to summer fuel blends may drive higher prices.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
As the midterm elections approach, rising energy and housing costs may pose a challenge to the President Donald Trumpwho promised to make life easier for American families.
