Soaring Gas Prices: How They Could Impact US Drivers
The price of gasoline in the United States rose only modestly on Monday, even as oil prices climbed in response to a widening conflict in the Middle East.
If the war drags on, though, that could abruptly change.
The U.S.-Israeli attacks on Iran, and Iran’s counterattacks, have started to limit the export of oil and gas from the region, pushing global oil prices higher. West Texas Intermediate crude oil futures, the domestic oil benchmark, jumped about 6 percent on Monday to just over $71 a barrel.
But gas prices tend to take days or weeks to respond to rising oil prices as refiners pass on expenses. So a prolonged war is certain to result in higher costs at the pump.
The AAA Gas Prices website is a public service of the United States of America’s largest motoring and leisure travel membership organization and is updated daily by Oil Price Information Service (OPIS) with average national, state and local prices for gasoline, diesel and E-85. Every day up to 120,000 stations are surveyed in cooperation with WEX, Inc.for unmatched statistical reliability.
Soaring Gas Prices: How They Could Impact US Drivers was originally published on majicatl.com
