US Gas Prices Soar Amid Global Events
Gas and diesel prices have surged across all 50 states in the US, with the national average price for diesel reaching an all-time high of $6.23 per gallon. The Oregon average price for diesel is even higher at $6.67 per gallon. This steep increase can be attributed to various global events, including new attacks on energy infrastructure in Saudi Arabia and disruptions in shipping traffic in the Strait of Hormuz.
Crude oil prices have also skyrocketed, exceeding $100 per barrel due to these security concerns. Marie Dodds, public affairs director for AAA Oregon/Idaho, notes that 'drivers typically see relief at the pumps this time of year as summer travel tapers off and stations switch to less expensive winter-blend fuel.' However, ongoing supply chain disruptions are pushing crude oil prices higher, leading to increased pump prices.
The conflict between Russia and Ukraine is also adding pressure to crude prices. The war has taken a significant amount of Russia's refining capacity offline, further limiting global oil supplies. As a result, gas prices are significantly more expensive than they were before the conflict with Iran began.