Gas Prices Soar as Crude Oil Surges Above $100

U.S. gas prices have reached new heights, with regular gasoline averaging $4.2950 per gallon as of September 11 and diesel breaking above $6 for the first time.

This marks a significant increase from last year's prices, with regular gasoline up 34.5% and diesel rising by over 64% in just one year.

The main driver behind these price hikes is not an increase in demand, but rather a surge in crude oil prices due to renewed attacks in the Middle East, which have pushed Brent above $100 a barrel this week.

Diesel, being priced in a global market, poses a more significant threat to freight costs, food prices, and the inflation outlook than gasoline, as it cannot be easily adjusted by households.