US EditionPublished • loading... • Updated
US gas prices are the highest they've been since 2023
U.S. gasoline prices average $3.72 per gallon as Iran war disrupts Strait of Hormuz shipping, prompting a 172 million barrel Strategic Petroleum Reserve release.
- On Monday, AAA reported the U.S. national average was about $3.72, the highest since Oct. 7, 2023, as gas prices rose amid Iran Strait disruptions.
- The Strait of Hormuz, which moves about a fifth of global oil, has been effectively closed after Iran recently attacked ships and threatened transit, disrupting supply.
- The coordinated IEA release will begin soon and run about 120 days, with the U.S. saying it will release 172 million barrels from the SPR and replace about 200 million within a year.
- Monday morning, benchmark U.S. crude fell 5.3% to $93.57, easing some pressure after topping $102 earlier that day, while Brent crude fell 2% to $101.09 after earlier highs.
- According to the federal rule of thumb, roughly a 2.4-cent change per gallon occurs per $1 change in oil, as officials say the Strait remains contested and U.S. plans are in place, Hegseth said.
Insights by Ground AI
16 Articles
16 Articles
Petroleum and Gasol prices remained high this afternoon (16), after the attacks on oil installations in the Middle East at the end of the week – and after the White House suggested that the war of the United States and Israel with Iran might last several weeks. Gas prices in the United States went up to $2.72 per gallon, reaching at least $3.72 per gallon, according to AAA. This is the highest price of common gasoline since 7 October 2023. Since…
·Brazil
Read Full ArticleCoverage Details
Total News Sources16
Leaning Left2Leaning Right0Center13Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
13%
C 87%
Factuality
To view factuality data please Upgrade to Premium
