Gas prices cross $3 gallon for first time since November — and Americans could face more pain at pump
Share this @internewscast.com

U.S. retail gasoline prices have surpassed $3 per gallon for the first time since November, driven by escalating tensions in the Middle East. This development presents a significant challenge to public opinion on President Trump’s decision to launch an attack on Iran, as noted by industry analysts.

The unrest in Tehran, a reaction to U.S. and Israeli military actions, has disrupted oil supplies globally. This disruption stems from attacks on production facilities in neighboring regions and vessels traversing the vital Strait of Hormuz. Consequently, oil prices have soared, with Brent crude climbing over 5% to nearly $77 per barrel. This spike in crude costs has directly contributed to rising fuel prices.

The increase at gas stations poses a substantial threat to President Trump and his Republican allies as they approach the midterm elections in November. Many Americans are already grappling with the escalating costs of everyday essentials.

According to a Reuters/Ipsos survey, almost half of respondents indicated they would be less inclined to support Trump’s actions against Iran if such measures lead to higher oil and gas prices domestically.

“Gasoline prices hold significant psychological weight,” explained Mark Malek, the chief investment officer at Siebert Financial. “They are an inflation indicator that consumers encounter daily.”

Experts predict that each $10 increase per barrel in crude oil prices could translate to a 25-cent hike per gallon at the pumps. Malek added that issues at refineries might cause even steeper rises in fuel costs.

Average retail gasoline prices crossed $3 a gallon on Monday, according to an OPIS live database. They should rise to as high as $3.25 per gallon this week due to the current crisis, said Tom Kloza, senior adviser to fuel supplier Gulf Oil.

US gasoline prices had risen for four straight weeks before the attacks on Iran, GasBuddy data showed, as refiners began the transition to summer-grade motor fuel, which is mandated by environmental regulations and costlier to make.

The increases will be exacerbated by the conflict, GasBuddy analyst Patrick De Haan said.


Follow The Post’s coverage of the United States’ airstrikes on Iran:


“In the week ahead, gasoline prices are likely to face heightened upward pressure as seasonal trends continue and markets navigate this evolving geopolitical landscape,” De Haan said.

Share this @internewscast.com
You May Also Like
Fairfax cops repeatedly warned that illegal migrant was a danger before he hacked mom to death

Fairfax Authorities Ignored Warnings: Illegal Migrant Commits Fatal Attack on Mother

Authorities in a progressive suburb of Washington, DC, repeatedly urged prosecutors to…
Officer injured by thrown object trying to arrest suspect at Bronx subway station

Bronx Subway Drama: Officer Injured by Flying Object During Intense Suspect Arrest

A New York City police officer was injured on Thursday while attempting…
Ohio mother charged with murdering two daughters found buried in suitcases near Cleveland

Tragic Unveiling: Ohio Mother Accused of Murder in Chilling Suitcase Discovery Near Cleveland

On Thursday, an Ohio woman faced charges of aggravated murder following the…
Georgia sheriff arrested on DUI charge after blood-alcohol content allegedly almost triple legal limit

Georgia Sheriff Detained on DUI Charges with Alleged Blood-Alcohol Level Nearly Three Times the Legal Limit

A Georgia sheriff found himself in legal trouble last week after authorities…
US military strikes Iranian drone carrier on 'mission to sink entire' navy, footage shows

US Military Takes Bold Action: Unveils Footage of Strikes on Iranian Drone Carrier to Thwart Naval Threat

In a recent development, the US military announced early Friday that an…
Canada's Mark Carney under fire as ‘all over the place’ on Iran, risking wider US rift

Mark Carney Faces Criticism for Inconsistent Stance on Iran, Potentially Straining US Relations

Within a mere week, Canadian Prime Minister Mark Carney’s stance on the…
Former New York D.A.R.E. officer admits to selling drugs while in uniform in squad car

Ex-New York D.A.R.E. Officer Confesses to Selling Drugs from Squad Car in Uniform

A former New York state police officer, who once played a pivotal…
NYPD pair turn Council office into frat-style party pad -- but one is caught drunk on the job: sources

NYPD Officers Allegedly Transform Council Office into Party Spot; One Officer Reportedly Caught Intoxicated at Work, Sources Claim

To serve and protect—sometimes too enthusiastically. Two officers from the NYPD reportedly…
NYPD cop clocked in the head by stabbing suspect during botched arrest at NYC subway station

NYPD Officer Injured by Suspect During Failed Arrest Attempt at NYC Subway Station

A New York City police officer sustained an injury to the head…
Trump reportedly demands pardon for Netanyahu, so Israeli prime minister can 'focus' on Iran war

Trump Allegedly Requests Pardon for Netanyahu to Prioritize Iran Conflict

President Trump is urging Israeli leadership to grant an immediate pardon to…
The story behind Trump's new DHS secretary pick Markwayne Mullin's unique name

Unraveling the Intriguing Story Behind Trump’s New DHS Secretary Pick: Markwayne Mullin’s Unique Name

Oklahoma Senator Markwayne Mullin, a staunch supporter of former President Trump and…
US government contractor accused of stealing $46M arrested on small island, FBI announces

Fugitive US Contractor Arrested on Remote Island for Allegedly Embezzling $46 Million, Says FBI

U.S. and French authorities have taken into custody a former U.S. government…