Gasoline Prices Continue to Rise, Approaching Record Levels
Average retail gasoline prices in the United States increased by nearly 3 cents per gallon according to the latest AAA report, reaching $4.48 for regular. This represents a significant rise, 30 cents higher than a week prior and a 50% increase since the beginning of the war with Iran, as reported by Telegrafi. The current price now surpasses levels not seen since August 2022, coinciding with Russia’s invasion of Ukraine at the start of that year.
Peak prices reached $5.02 during this period. Analysts predict continued volatility. Tom Kloza, an independent oil analyst and consultant for Gulf Oil, estimates that there is a 50-50 chance gasoline prices will again reach $5.
Kloza attributes recent price surges to “an explosion of prices in non-coastal markets.”
The rise in fuel costs is occurring alongside increasing concerns about the size of the U.S. debt relative to Gross Domestic Product. Kloza noted, “What we’ve seen recently is an explosion of prices in non-coastal markets.” He anticipates further fluctuations at the pump, and the situation remains closely monitored.
The current price is higher than it was just a week ago, and significantly higher than it was before the war.
Topics: #now #than #war
