US-Iran War Sends Gas Prices Soaring Above $4 Amid Oil Company Profits
Americans are paying the price for the ongoing US-Iran war as gas prices reach historic highs. The national average for a gallon of gas has surpassed $4, with drivers nationwide seeing a 35% increase in costs since late February.
Oil companies are profiting from the conflict, with Shell posting a staggering $9.8 billion in profits during the second quarter of this year - more than double its earnings from last year. The windfall comes despite concerns about potential price gouging and calls for investigation by President Donald Trump's Justice Department.
Economists caution that higher oil and gas prices are a result of market restrictions, rather than any nefarious activity by companies. 'When the market is restricted, prices go up,' said Patrick De Haan, head of petroleum analysis at GasBuddy. 'It doesn't mean anything has happened. It's just economics 101.'