US-Iran Conflict Continues to Fuel Price Hikes Amid Venezuelan Oil Deal
The recent conflict between the US and Iran has had a significant impact on fuel prices in America. After several tense weeks, the US struck rocket launchers on an island in the Strait of Hormuz, prompting Iran to retaliate by attacking American bases in Jordan.
In response to public complaints about rising diesel and gasoline prices, President Trump has blamed oil companies for price gouging, claimed that Iran's actions are responsible for the conflict, and even praised a gas station chain in Philadelphia for lower prices, only to face lawsuits over allegedly unpaid suppliers.
The latest attempt at stabilizing fuel prices is a new oil deal with Venezuela, which will provide the US with 65 billion barrels of Venezuelan oil reserves. However, experts say this won't be a quick fix, as it would require approximately $180 billion in investment to return Venezuela to its peak production.
The national average on-highway diesel price dropped 5 cents to $5.599, while gas prices dropped 1 cent to $4.071. Compared to last year, diesel prices are up $1.865, and gas prices are up 89 cents.