Commodities
National Gas Prices Climb Amid Strait of Hormuz Uncertainty
The national average price for regular gasoline has increased to $4.07 per gallon, up from $3.8722 a month ago and $3.1558 a year ago.
This rise comes after a weeklong decline in gas prices, which had fallen to $4 per gallon on Monday before starting to increase again.
The AAA attributes the price hike to crude oil prices staying above $80 per barrel due to uncertainty surrounding the Strait of Hormuz. Lower gasoline demand has not been enough to offset these high crude oil prices.
New data from the U.S. Energy Information Administration shows a decrease in gasoline production, averaging 9.6 million barrels per day.