US drivers may soon see pump prices climb back up to $4
US drivers may soon see pump prices climb back up to $4. The national average price of gasoline on Tuesday stood at $3.84 a gallon, up about 9.8 cents from a week ago, according to data from fuel price tracker GasBuddy. Gasoline prices are up 22.2% year-on-year. The $4 per gallon mark was last crossed in late March, after Iran blocked the Strait of Hormuz. Prices eased below that threshold in June after the U.S. and Iran signed a memorandum of understanding to end the war.
High pump prices have become a political headache for U.S. President Donald Trump and his Republican Party, which will soon be campaigning to hold onto thin majorities in the U.S. Congress in November midterm elections. Prices of gasoline have surged alongside crude oil following the collapse of the truce between Washington and Tehran last week and the reimposition of a U.S. naval blockade on Iran. The number of tankers transiting the Strait of Hormuz fell in the past day to the lowest level in two months, shipping data showed on Monday. Before the Iran war, about 20% of global oil supplies flowed through the strait. Higher fuel prices have also been supported by the loss of Russian refining capacity due to Ukraine intensifying systematic attacks on energy infrastructure.
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US drivers may soon face gasoline prices climbing back to $4 a gallon due to renewed US-Iran hostilities impacting global oil supplies. This surge
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