Gas prices hold steady at $4.15 per gallon amid global conflicts and refinery strain
Gas prices remain at $4.15 per gallon, with experts citing the Iran war, refinery capacity and the Russia-Ukraine war as key factors behind the spike.
WASHINGTON —
Gas prices are holding steady at $4.15 per gallon this morning, according to AAA, as global conflicts and refinery capacity issues continue to drive market uncertainty.
Experts have identified the war in Iran and the closing of the Strait of Hormuz as major contributors to recent price surges. Additionally, U.S. refineries are operating at 98% capacity, and any disruption to production could make it harder for prices at the pump to drop.
The Russia-Ukraine war is also impacting global energy markets, with Ukrainian drone attacks on Russian refineries limiting diesel supplies.
Energy Secretary Chris Wright is forecasting a considerable drop in gas prices as the Trump administration takes steps to increase production. However, the lack of progress in ending the Iran war has left some experts skeptical about whether drivers will experience relief soon.
“These issues have lingered for six months. There’s been very little concrete sign of any resolution at any high level. So, while I would hope that there would be, in reality, we’ve been at this now six months and we’re still awaiting that improved outcome,” Patrick De Haan, head of petroleum analysis at GasBuddy, said.
Diesel fuel prices are also on the rise, hitting an all-time high on Friday, according to AAA. While diesel may not be used for your personal vehicle, it is essential for transporting goods across the economy, which could affect the price of everyday items.
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