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Motorists in the Capital Region are experiencing a significant increase in gas prices, with the average cost for a gallon of regular fuel now at $3.18. This marks a 12-cent rise over the past week and a nine-cent increase from a month ago. The state average has reached $3.20, while the national average stands at $3.21.
The ongoing conflict between Israel and Iran has contributed to the spike in crude oil prices, which are now at their highest since January. According to AAA Oregon/Idaho, the unrest could lead to further volatility in oil and gas prices as long as the conflict persists. The price of crude oil, a major component of gasoline, has surged due to fears of disrupted oil supplies from the Middle East.
The situation in the Middle East has also caused a rise in energy prices, as noted by U.S. News. Iran, a significant oil producer, could see its exports affected if the conflict escalates, potentially impacting global oil supplies. The conflict has already led to a surge in oil prices, reminiscent of past Middle East conflicts that have caused prolonged increases in energy costs.
Despite the rise in crude oil prices, the U.S. continues to produce near-record levels of crude oil. The U.S. Energy Information Administration reports a slight increase in production, maintaining the country's status as the top global oil producer since 2018.
As the conflict continues, motorists should prepare for potential further increases in gas prices. The situation remains fluid, and the impact on global oil supplies will be closely monitored in the coming weeks.