All articles tagged with #gasolineprices
BuzzFeed’s photo roundup surveys 15 U.S. locations to illustrate how gas prices have surged (about $4.48 per gallon on average, with Americans paying roughly $38 more per month for gas) since the Iran war began, highlighting the widening price spread across the country and contrasting the data with President Trump’s claim that prices are down.
Oil prices rose after renewed tensions in the Strait of Hormuz disrupted tanker traffic, with U.S. crude up about 6.4% to $87.88 a barrel and Brent around $96.25 as trading resumed. The flare-up follows a cycle of threats and counter-threats between Iran and the U.S., including naval actions and Iran’s threats to reopen the strait, contributing to a global energy crisis and keeping pump prices high—near $4 a gallon in the U.S.—while analysts warn that a full normalization of shipments could take months even if a ceasefire or deal emerges.
U.S. drivers are likely to see a decrease in gasoline prices in 2024 due to increased global refining capacity and a surplus in domestic fuel stocks. Analysts predict a drop in the national average retail gasoline price, which could contribute to higher consumer confidence and spending, potentially helping to stave off a recession. Gasoline inventories in the U.S. have risen significantly, and with new refining capacity expected to come online globally, there is optimism that prices at the pump will remain lower than previous record highs.