A map by AAA shows which states have been hit hardest(Image: AAA)
As the Middle East continues to be plunged into turmoil following US and Isreali strikes in Iran, a map has shown the highest and lowest gas prices throughout the US as costs sky rocket.
The average price for a gallon of gas in the US has jumped by 27 cents within a week, as oil and gas deliveries become stuck in the Persian Gulf. According to motor club AAA, regular gasoline was averaging $3.478 per gallon across the country, soaring above $5 a gallon average in one state, leaving many motorists shocked at the pump. Compared to a week ago, when the average was just $2.997, that's a huge jump in a short space of time.
The news of surging prices already hitting America comes as experts warn that the market is entering entirely "uncharted territory." It comes aftera chilling map revealed the 4 safest US states to survive during a nuclear attack.
Petroleum analyst Patrick De Haan posted on Monday on X, stating, "We're in uncharted territory- if WTI crude holds these gains tomorrow- the current rise of 29.9% or $27.16/bbl would be its largest single day price jump- in both percent and amount- ever. Ever. EVER."
Prices had already been increasing as refineries switched to summer fuel blends, but crude oil costs jumped sharply following US military action against Iran. Oil prices climbed to their highest level in over a year following Iran's launch of multiple retaliatory strikes, including a drone attack on the US Embassy in Saudi Arabia.
U.S. and Israeli strikes have targeted oil depots in Iran's capital, Tehran(Image: Anadolu, Anadolu via Getty Images)
The oil price turbulence witnessed over the past week has already triggered a worldwide response, raising fears of an inflationary spike that could inflict long-term harm on global economic expansion.
China, India, South Korea, Japan, Germany, Italy, and Spain rank among the biggest crude oil importers, making them particularly vulnerable to price fluctuations.
Brent crude, the international benchmark, surged 24 percent during Asian trading on Monday to $116.71 per barrel. It subsequently dropped nearly 19 percent to $110.85 once news of a meeting between G7 finance ministers was announced. In the meeting, G7 finance ministers and Fatih Birol, IEA executive director, are expected to convene an emergency call at 8.30 am New York time to discuss the ramifications of the Iran war, according to the FT.
Source: Drudge Report
