Gas prices rise to $4.46 per gallon and oil jumps as shippers stay out of Strait of Hormuz
The national average price of gas rose to $4.46 per gallon as oil futures increased over 4% due to the war in Iran and shipping halt in the Strait of Hormuz. U.S. consumers are now spending around $1 billion more per day in higher fuel costs than before the war started.
The national average price of gas reached $4.46 per gallon as U.S. crude oil rose over 4% to more than $105 per barrel. The price increase is a result of the war in Iran, which has halted oil shipments through the Strait of Hormuz. President Donald Trump announced 'Project Freedom,' a plan to guide commercial vessels through the strait, but shipping companies remain wary. The industry has not received details on the plan, and insurers say naval escorts are needed to resume shipments. U.S. consumers are spending around $1 billion more per day on fuel costs, with $550 million coming from gas prices alone. Gasoline inventories in the USA are down 14% and diesel inventories are down 17% since February.
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