The average price of gasoline in the United States rose again and reached $3.48 per gallon, driven by rising oil prices amid the escalating conflict in the Middle East.
According to data from the AAA automobile association, the national price of gasoline has increased almost 17% since the start of the attacks by the United States and Israel against Iran on February 28.
The rise comes after the price of crude oil surpassed $100 a barrel on Monday as Middle Eastern countries cut production amid the ongoing conflict in the region, prompting reports that G7 (Group of Seven) nations, including the United States, were planning to discuss a coordinated release of crude from their strategic reserves.
The G7 finance ministers would have held a teleconference this morning to discuss the impact of the war, according to local media, citing people familiar with the matter.
The war, which has now lasted ten days, has caused a strong rebound in the energy markets. In the last week, the price of WTI crude oil has increased by around 35%, which has also boosted the prices of gasoline, diesel and jet fuel.
Although the highest gasoline prices are recorded on the west coast of the country, the largest weekly increase has been observed in states such as Texas, Oklahoma, Louisiana, Ohio and Florida, according to data compiled by ‘The Wall Street Journal’.
US Energy Secretary Chris Wright said Sunday that the rebound in energy prices could last for a few weeks, but not months.
In an interview with CNN, Wright noted that, “in the worst case, this will last weeks, not months,” and assured that Washington has no plans to attack the Iranian energy industry, including its oil or natural gas sector.
The rise in fuel prices comes against a backdrop of increasing volatility in global energy markets due to the conflict in the Middle East.
