Posts Tagged ‘the Strait of Hormuz’
Oil Prices Spike, National Gas Price Average Up Nearly 30 Cents in One Week
After trending downward for nearly two weeks, gas prices have seen a 27-cent spike nationwide in the last week. AAA reports that the national average is $1.12 higher than it was this time last year, as oil prices surge above $100/barrel with no indication of when the Strait of Hormuz will reopen. Gas prices are…
Read MoreAAA: Pump Prices Soar Toward $4 as Middle East Conflict Sends Crude Oil Near $100/Barrel
Gas prices continue to rise amid escalating conflict in the Middle East, pushing crude oil prices close to $100 per barrel. Because crude oil makes up about 50 to 60 percent of the cost of a gallon of gas, global tensions鈥攁long with disruptions near the Strait of Hormuz, a key route for about 20 percent…
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