RAPID CITY, S.D. (KOTA) – South Dakotans are paying about 51 cents more per gallon on average than they were a year ago, according to GasBuddy, which tracks fuel prices nationwide.
Gas price volatility has continued in the wake of a ceasefire announcement involving the United States and Iran. Even with the truce, uncertainty remains over the status of the Strait of Hormuz after conflicting public statements from both sides about whether traffic through the waterway is fully open.
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, says the Strait of Hormuz is a critical chokepoint for global supply.
“With this situation continuing to evolve, continuing to see rapid swings in escalation and de-escalation, it’s really hard to have an accurate and definitive forecast for what we’re looking at this summer,” De Haan said.
The International Energy Agency has described the current disruption as the largest supply shock to the global oil market in history.
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