Frank Rondel
Gasoline prices in the United States rose sharply on Monday as the conflict in the Middle East reached its tenth day, affecting global oil markets and consumer fuel costs, reports customreceipt.com via NY Times. The escalation followed the beginning of U.S.-Israeli military actions against Iran on February 28, prompting Iran to fire additional missiles toward Israel in retaliation. As a result, the average price for a gallon of gasoline in the U.S. climbed to $3.48, marking a nearly 17 percent increase since the onset of hostilities.
The spike in fuel prices reflects broader disruptions in crude oil supply originating from the Persian Gulf. Tankers that typically export oil from the region have largely halted operations, reducing approximately one-fifth of global oil availability. On Monday, crude oil prices surged above $100 per barrel, further pressuring transportation and logistics sectors, including airlines, trucking, and agricultural operations reliant on diesel fuel.
Regional differences in gasoline pricing are already evident across the country. California drivers paid an average of $5.20 per gallon over the weekend, the highest in the United States, while drivers in Kansas saw prices at $2.92 per gallon, the lowest nationally. The overall price of gasoline reflects crude oil costs as the largest component—roughly 60 percent—with the remainder attributed to taxes, refining, and distribution.
Price adjustments at gas stations typically lag behind fluctuations in crude oil markets by several days. Refineries facing higher crude oil costs pass these increases along to distributors and retail outlets, suggesting that gasoline prices are likely to continue rising if oil prices remain at current levels or increase further in the coming days.
Earlier we wrote that US and Gulf Nations Seek Ukrainian Interceptor Drones to Counter Iranian Shaheds