US Gas Prices Surge Above $4 Amid Geopolitical Tensions and Supply Disruptions
Business Insider reports that US national average gas prices have surged above $4 per gallon, driven by escalating geopolitical tensions including US-Israeli bombing of Iran and Iranian retaliation on Middle East oil refineries, as well as blockades in the Strait of Hormuz. Prices rose from $2.98 in late February to over $4 by March 31, peaked above $4.50 in mid-May, cooled to around $3.70, then jumped again over $4 in the past week. West Coast and non-continental states (California, Hawaii, Alaska, Washington, Nevada) have the highest prices, while central states like Oklahoma and Kansas have the lowest. Analysts also cite Ukrainian attacks on Russian refineries, seasonal fuel blend changes, and Midwest refinery outages as contributing factors. Despite the US being the world's largest oil producer, global oil trading dynamics keep prices elevated.
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