https://www.nbcnews.com/business/energy/gas-prices-new-high-iran-war-rcna342578U.S. gas prices have hit a fresh record since the start of the war with Iran, rising to an average nationwide of $4.23 per gallon Wednesday, according to AAA.The milestone comes as oil prices have surged higher over the past week amid a dual blockade by the United States and Iran of the Strait of Hormuz, the key chokepoint in the region for transiting crude and petroleum-based products out of the Persian Gulf.The price of Brent crude, the international benchmark that influences the price of U.S. gasoline prices, stands at $114.60, up nearly 25% from the recent low seen April 17 and just a few dollars away from the recent high of $118.A day earlier, AAA recorded the biggest single-day increase in more than a month, with prices rising $0.07. Gasoline prices have climbed $1.25 a gallon, or more than 40%, since prior to the war’s start in late February.The surge in oil prices has compounded the typical price increases seen this time of year as refineries undergo maintenance and the spring-summer driving season begins to kick off.Many gas stations have also sought to artificially keep prices below the $4 threshold by reducing their own profit margins, said Tom Kloza, chief energy adviser to Gulf Oil. But they can only stomach lower margins for so long, he said.“This is the most serious squeeze, in terms of margin suppression, we’ve seen for retailers since 2020,” he said. In a report whose data was largely compiled before the recent run-up, Bank of America analysts found that so far, only lower-income households were seeing a significant impact on their budgets from higher gas prices. And despite the price surge, households are still spending less of their budgets on gasoline than during peaks seen in 2008, 2011 and 2012.
At some point, however, those buffers will start to get eroded — especially if higher fuel costs start showing up in household staple goods.“A significantly bigger risk arises if higher gasoline and oil prices leak into other necessities such as grocery and utility prices — though so far there is little evidence for this,” the analysts wrote.They continued, “While there may be capacity for some to ‘ride out’ a gasoline shock by relying more on credit card borrowing, this appears somewhat limited — particularly for lower-income households.”Consumer confidence continues to remain subdued. On Tuesday, The Conference Board reported an uptick in its principal index, likely tied to the Iran ceasefire announced earlier in the month that sent stock prices to record levels.However, the index remains well below both its pre-pandemic levels and the readings seen in the weeks following President Donald Trump’s second electoral victory in November 2024.
What do we always here when Dems are ruining the economy when they're in power? The president doesn't control gas prices.And besides, the US is a net exporter because Trump has unleashed our oil companies so they could drill, baby, drill, so this is good for US companies.
>>1510612>The president doesn't control gas prices.He does in this case https://www.wsj.com/world/middle-east/trump-tells-aides-to-prepare-for-extended-blockade-of-iran-da3be7a4
>>1510606Gas-Paradise. recent german gasoline prices translated to US gallon and Dollar prices: you would pay over 8 Dollars per gallon then. Feel lucky that you don't have to...
>>1510612>What do we always heregood morning sars please not believe, sleepy joe raise gas sar!!!!!
>>1510612ESLSL
>>1510612>The president doesn't control gas prices.Incorrect. The president doesn't control global inflation caused by supply crunch and market fluctuations. The president does control bombing countries and starting an energy crisis.>And besides, the US is a net exporter because Trump has unleashed our oil companiesThe U.S. became a net exporter under Biden. Conservative propaganda has turned your brain to wet tissue.
>>1510617We're going to hit $6+ gas if trump doesn't surrender to Iran to get the strait opened.
>>1510612Exactly this is great for the stock market. But don’t forget high gas prices are Obama’s fault
Thanks, Trump
>>1510606>A new high for the year>So farOh we're hitting $5 for sure.
"a new high for the year"interesting phrase. Are they saying it isn't an all-time high, or the highest in a decade, or the highest since ... whenever?Just the highest of the year? Why would they put it that way?
>>1511209>"a new high for the year"Because its going to keep going up, so its not the highest yet. You're welcome for the English lesson
>>1511209The chart keeps slightly going down and then going even higher than before. We're rapidly hitting post-pandemic levels, giving Trump's war a price increase on par with the industry trying to recover from one of the largest (though temporary) decreases of oil use in history.
How long until MIGAtards start calling internal combustion engines woke?
>>1511211The only reason we had some drops is because of trump's open market manipulation. Now that it's clear the war is not going to end and Iran will keep the Strait of Hormuz closed, expect to see price gouging on gas to really happen.The one thing to expect is trump to empty the entire strategic reserve a week before the election in a last ditch effort to manipulate the election.
