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The American Automobile Association (AAA) reported that on March 5, the average price was $3.32 per gallon (3.8 liters), which is an increase from $2.98 per gallon the previous week. The association points out that gasoline prices usually go up at the start of spring because of higher demand, but this significant weekly increase was last observed in March 2022, which coincided with the beginning of the Russian military action in Ukraine.
Gasoline futures increased by 27% during the week, marking the largest weekly gain since March 2022, while WTI crude oil futures also saw an increase of over 20%.
This trend is connected to the increasing conflict in the Middle East. Last weekend, the United States and Israel carried out military operations against Iran. The two groups have been engaging in clashes for seven days, causing interruptions in the supply routes from the Persian Gulf. Ship movement through the Strait of Hormuz, which handles about 20% of the world's oil transportation, has come to a near standstill.
Bloomberg reports that increasing gasoline prices in the United States present a challenge for President Donald Trump and may hinder his party's prospects in the upcoming midterm elections this year. Trump has consistently highlighted the importance of keeping fuel prices low, pointing to the nation's strong position in the energy industry.
Diesel prices in the United States increased significantly last week, surpassing the $4 per gallon mark for the first time in almost two years.
source: bloomberg.com
Gasoline futures increased by 27% during the week, marking the largest weekly gain since March 2022, while WTI crude oil futures also saw an increase of over 20%.
This trend is connected to the increasing conflict in the Middle East. Last weekend, the United States and Israel carried out military operations against Iran. The two groups have been engaging in clashes for seven days, causing interruptions in the supply routes from the Persian Gulf. Ship movement through the Strait of Hormuz, which handles about 20% of the world's oil transportation, has come to a near standstill.
Bloomberg reports that increasing gasoline prices in the United States present a challenge for President Donald Trump and may hinder his party's prospects in the upcoming midterm elections this year. Trump has consistently highlighted the importance of keeping fuel prices low, pointing to the nation's strong position in the energy industry.
Diesel prices in the United States increased significantly last week, surpassing the $4 per gallon mark for the first time in almost two years.
source: bloomberg.com