Motorists across the United States are advised to top up their tanks as gas prices continue to climb. According to AAA, the average price of unleaded gas now stands at $3.63 per gallon, marking a 6-cent increase from last week and a 23-cent surge from last month. This upward trend in prices can be attributed to the impending arrival of the summer driving season, coupled with refineries transitioning to a pricier variant of gasoline tailored for warmer weather conditions. Despite the noticeable increase, the current price remains relatively consistent with what drivers paid during the same period last year.
Why are Gas Prices in USA are rising ?
Gas prices are rising due to several factors. Routine reasons include maintenance at refineries, the switch to summer gasoline, and increased demand. Geopolitical factors, such as conflicts like the Russian-Ukraine war and Israel’s actions in Gaza, are also pushing oil prices higher. Additionally, U.S. intelligence suggests Iran may retaliate for an attack on one of its consulates in Syria, adding to market uncertainty
Geopolitical Turmoil Intensifying Market Volatility
In addition to routine factors, geopolitical tensions are further exacerbating the situation. Conflicts such as the ongoing Russian-Ukraine war and recent events like Israel’s actions in Gaza are creating uncertainty in global oil markets. The resultant instability is contributing to a spike in oil prices, impacting gas prices worldwide. Moreover, heightened tensions between nations, such as the brewing situation involving Iran following an attack on its consulate in Syria, are adding an extra layer of unpredictability, keeping markets on edge and prices volatile.