Gas Prices Soar: What's Next?
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Gas prices soar across the U.S., reaching record highs of $5.20 in California and $4.63 in Washington, as oil benchmarks like WTI and Brent crude surge near $120 before dropping back to $94.77 and $98.96 respectively. Diesel prices have jumped even more sharply, rising 89 cents in a week to $4.66 per gallon. The war in Iran is disrupting oil shipments through the Strait of Hormuz, a critical route from the Persian Gulf. This surge in gas prices is hitting lower-income households hardest, as they spend more of their budgets on fuel and could face higher inflation above 3%. Experts are divided on whats next, with some forecasting four-dollar gas soon due to summer demand and Hormuz risks, while others predict a peak around $3.50 to $4.65 if oil retreats further. The White House has plans to stabilize markets, including up to $20 billion in ship insurance for the region.
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