The price of gasoline in the United States returned to levels not seen since July 2022 and is beginning to cause concern among millions of motorists. The national average has already reached $4.56 dollars per gallondriven by tensions in the Middle East and problems in global oil supply.
According to data from the American Automobile Association (AAA), the cost of regular gasoline increased 52% since the end of Februarywhen the conflict related to Iran began. This represents an increase of $1.56 dollars per gallon in just a few months.
The exact figure is the highest since July 2022 and is close to the all-time record of $5.02 per gallon recorded in June of that same year, during the strong inflationary period after the pandemic.
Although this Wednesday international oil prices showed a slight drop, the relief has not yet reached the service stations. Brent crudeinternational reference, fell 6.4% and ended at $102.83 dollars per barrel. For its part, West Texas Intermediate (WTI), the US benchmark, fell 6% to $96.11 dollars.
Despite this decline, the energy market remains under pressure due to the effects on the Strait of Hormuz, a strategic route through which nearly 20% of the world’s oil and liquefied natural gas circulates. Restrictions on maritime traffic continue to raise concerns about possible supply shortages.
“It’s been more than two months since the conflict began,” Dave Sekera, chief US market strategist at Morningstar, told CBS Files. “It just seems like we are no closer to a long-term resolution. Yes, some ships are crossing the Strait of Hormuz, but in practice it still seems closed.”
The price increase was reflected practically throughout the United States. GasBuddy expert Patrick De Haan explained that All 50 states recorded increases during the last weekalthough some regions had stronger increases.
“Gas prices have increased in every state over the past week, with some of the most significant increases concentrated in the Great Lakes region,” De Haan said. “States such as Michigan, Indiana, Ohio and Illinois recorded strong increases”.
Specialists consider that Prices could remain high for several months even if a US-Iran deal is reached. In addition to the international price of oil, factors such as the drop in global inventories, the effects on refineries and the high demand for fuel during the summer continue to pressure the market.
The impact is already beginning to be felt in the economy of many families, especially low-income ones. Data from Bank of The United States shows that In March, households with fewer resources allocated 4.2% of their income to gasolinewhile families with higher incomes spent 2.7%.
There are testimonies from people like Steph Thornton, a community health worker and single mother of two in Michigan, who explained to CBS Files that she currently spends about $400 a month on fuelwhen at the beginning of the year I invested around $320 dollars.
“Many of us haven’t even recovered from the pandemic,” Thornton said. “Things just keep hitting us one after another.”
In states like California, where the average already exceeds $6 per gallonsome drivers also expressed frustration about the impact on their personal finances. Meanwhile, experts warn that volatility could continue if problems in global energy supplies persist.
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