Global Tensions Send Gas Prices Soaring to Record Highs
Global tensions are driving gas prices to record highs for Labor Day weekend. The average price of gasoline in San Bernardino County is expected to reach $5.60 per gallon, according to GasBuddy's annual forecast. California's average will be even higher at $5.70 per gallon. These prices surpass the previous record of $3.83 per gallon set in 2012.
The main causes of these high prices are conflicts involving Iran and drone strikes on Russian refineries, which have disrupted global oil markets. This has led to a disconnection between crude oil and fuel prices, pushing refining margins to record levels. As a result, diesel prices may also reach new highs in the coming weeks.
Patrick De Haan, head of petroleum analysis at GasBuddy, attributes the price spike to uncertainty over global tensions' impact on oil supplies. He notes that typical supply and demand dynamics have been less relevant this summer due to these external factors.
Rene Ray De La Cruz, a Daily Press reporter, can be reached for further information or clarification on this story.