Posts Tagged ‘the Strait of Hormuz’
AAA: Lower Crude Oil Prices Driving Down Gas Price Average
AAA reports that the national average for a gallon of regular gasoline fell three cents this past week to $4.06. Crude oil prices are down in the $70 per barrel range amid optimism that the Strait of Hormuz will resume normal operations. Currently, half of states are paying below $4 per gallon on average. Gas…
Read MoreGas Prices Reverse Course, Start Rising Again
Gas prices are going up again, as the future of the ceasefire between the U.S. and Iran remains uncertain. AAA reports that the national average for a gallon of regular gasoline went up 5 cents overnight to $3.84 after steadily dropping since late May. Crude oil prices are currently in the $70 per barrel range…
Read MoreMemorial Day Weekend Gas Prices Reach Four-Year Highs
As holiday travelers start hitting the road today in record numbers, Memorial Day weekend gas prices are the highest they’ve been in four years. AAA reports that the national average for a gallon of regular is at $4.56, up 3 cents over last week and $1.38 higher than this time last year. Current prices are…
Read MoreNational Gas Price Average Rises More Than 25-Cents for Second Straight Week
Drivers are seeing another sharp increase at the pump, with the national average for a gallon of regular gasoline rising 25 cents for the second consecutive week to $4.55. Pump prices are now $1.40 higher than they were a year ago and have reached their highest level since 2022, when the national average peaked at…
Read MoreOil 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—along with disruptions near the Strait of Hormuz, a key route for about 20 percent…
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