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
DUI suspect passed out behind the wheel in auto-driving Tesla

Autonomous Tesla Incident: DUI Suspect Found Asleep at the Wheel

A driver found himself in a precarious situation when he was discovered…
Pima County deputy accused of kidnapping woman in custody, fired from department investigating Guthrie case

Pima County Deputy Terminated Amid Kidnapping Allegations in Guthrie Investigation

An Arizona sheriff’s deputy has been dismissed from his position following serious…
Murdered model's head was cut off and stolen from the cemetery

Decapitated Model’s Remains Stolen from Cemetery in Disturbing Incident

The gruesome discovery of a model’s headless remains has emerged, with reports…
Chicago police officer, Sullivan High School security guard on leave, 'engaged inappropriately with students,' officials say

Chicago Police Officer and Sullivan High School Security Guard Placed on Leave Amid Allegations of Inappropriate Conduct with Students, Officials Report

A Chicago police officer, who also served as a security guard at…
E. coli outbreak linked to raw cheddar cheese grows as two more illnesses reported

E. Coli Outbreak Expands with Two Additional Cases Linked to Raw Cheddar Cheese

The company at the center of a recent outbreak is resisting demands…
Barcelona, Spain euthanasia: Noelia Castillo, 25-year-old Spanish woman, dies by euthanasia in case that drew national spotlight

Spanish Woman’s Euthanasia Case Captivates Nation: 25-Year-Old Noelia Castillo’s Journey Ends in Barcelona

MADRID — In a poignant conclusion to a deeply personal and public…
House Republicans pass stopgap DHS funding bill after rejecting Senate version 

House Republicans Approve New DHS Funding Plan, Dismiss Senate Proposal

In a late-night decision, House Republicans approved a temporary funding bill on…
Putin begs oligarchs for money to help boost Russia's economy during Ukraine war

Putin Urges Oligarchs to Support Russia’s Economy Amid Ongoing Ukraine Conflict

In a bid to bolster Russia’s ailing economy amid ongoing conflict in…
Driver passed out as self-driving car kept moving—police find more than a medical emergency inside

Unconscious Driver in Self-Driving Car Reveals More Than Just a Medical Emergency, Say Police

A driver in Northern California faces DUI charges after being discovered slumped…
House Republicans poised to reject Senate-passed DHS funding bill: 'Shouldn't have left town'

House Republicans Set to Oppose Senate’s DHS Funding Bill: Criticism Over Timing Surfaces

WASHINGTON — House Republicans are gearing up to oppose a funding bill…
March Madness: Chicago's United Center hosting Sweet 16, Elite Eight games; Illini fans celebrating Illinois win over Houston

Experience March Madness: Chicago’s United Center Hosts Sweet 16 & Elite Eight—Illinois Fans Rejoice After Epic Win!

CHICAGO (WLS) — The thrill of March Madness has taken hold across…
UPDATED: Tiger Woods Arrested, Charged With DUI After Accident; FL Police Release Mug Shot

UPDATE: Tiger Woods Arrested and Charged with DUI Following Accident; Florida Police Release Mugshot

UPDATED [11:13 PM Eastern]: Fox News has reported that authorities have made…