Strait of Hormuz Tensions Threaten to Push Gas Past $5 a Gallon by June

Strait of Hormuz tensions threaten to push gas past $5 a gallon by June

More than two months after the United States launched an attack on Iran, gas prices have risen more than $1.50 nationwide and experts say they could climb higher in the coming weeks.Patrick De Haan, head of petroleum analysis at GasBuddy, said the cost of a gallon of gas could exceed $5 if the Strait of Hormuz remains closed. The U.S. only briefly hit $5 gas in 2022, shortly after Russia invaded Ukraine, with prices peaking at a record $5.02 a g…

Iran War Threatens To Push Michigan Gas Prices Toward $5 A Gallon As Memorial Day Driving Season Begins

WASHINGTON DC – Michigan drivers heading into the Memorial Day holiday weekend could soon face gasoline prices approaching $5 per gallon as the escalating Iran conflict rattles global oil markets and raises fears of prolonged supply disruptions through one of the world’s most important energy corridors. The national average price for regular gasoline has climbed to roughly $4.53 per gallon, according to AAA, up dramatically from about $3.13 per …