If you have noticed hikes at the gas pumps, currently geopolitical conflict is to blame.
Gas prices have seen a significant jump in the past week, jumping to a national average of $3.45 as of March 8, according to AAA. The increase stems from the recent eruption of conflict in the Middle East, particularly between Iran and Israel.
With travel and trade disrupted across the critical region, oil supply shortages have also skyrocketed crude oil prices to $90 a barrel. However, the news should not shock many, as geopolitical conflict can often disrupt the price.
“The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict,” according to AAA.
While crude oil barrels remain on the rise, so do the tensions between Iran and Israel, with its tied ally, the U.S. Due to this, trade has also been strained, particularly through the Strait of Hormuz.
Located off the coast of Iran, the major shipping route will be closed off to all ships belonging to the U.S. and Israel. A spokesperson for
Iran’s Revolutionary Guard confirmed the new restrictions to the The Wall Street Journal.“We did not close the Strait of Hormuz and will not, but we will target ships belonging to the U.S. regime and the Zionist entity transiting the Strait of Hormuz,” shared the spokesman.
As for President Donald Trump, he remains unconcerned about gas affordability for Americans. He emphasized his belief that price will go down.
“I don’t have any concern about it,” he told Reuters. “They’ll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit.”
However, federal officials have launched a plan to resolve the gas price hike before affordability becomes an issue. Alongside a 30-day waiver on sanctions toward the sale of Russian oil to India, the president also intends to use Navy personnel to escort cargo ships through the Persian Gulf as necessary.
“President Trump and his entire energy team have had a strong game plan to keep the energy market stable well before Operation Epic Fury began, and they will continue to review all credible options and execute on them when appropriate,” White House spokeswoman Taylor Rogers told Time
.With no ceasefire on the horizon, Americans should expect to pay more at the gas pump for the foreseeable future.
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