YES. WELL, AS BEN WAS SAYING ABOUT THE STOCK MARKET, ALSO KIND OF A MUTED RESPONSE SO FAR AT THE GAS PUMP HERE IN MASSACHUSETTS. TRIPLE A REPORTS THAT THE CURRENT PRICE FOR A GALLON OF REGULAR IS AT 2.92. THAT’S UP JUST A COUPLE OF CENTS FROM WHERE IT WAS JUST A WEEK AGO. GAS PRICES ARE EXPECTED TO RISE, HOWEVER, MORE IN THE COMING DAYS. THAT’S BECAUSE OIL TANKERS ARE STAYING OUT OF THE STRATEGIC STRAIT OF HORMUZ TO AVOID BECOMING TARGETS BY IRAN. ABOUT 20% OF THE WORLD’S OIL PASSES THROUGH THAT NARROW, 20 MILE WIDE STRAIT. INTERNATIONAL CRUDE OIL WAS UP NEARLY 7% TODAY TO MORE THAN $77 A BARREL. MARKETS HOPE THAT THIS. THIS WAR WILL BE OVER QUICKLY, AND THAT IN THE MEANTIME, WE CAN USE RESERVES OR INVENTORIES TO SMOOTH OUT ANY DISRUPTIONS THAT MIGHT TAKE PLACE. NOW, LIQUEFIED NATURAL GAS IS SEEING AN EVEN BIGGER PRICE JUMP AFTER QATAR SAID IT WOULD STOP PRODUCING LNG BECAUSE OF THE WAR. THE MIDDLE EAST EXPORTS A LOT OF LIQUEFIED NATURAL GAS TO EUROPE AND HERE IN NEW ENGLAND WE ALSO RELY ON SHIPS LOADED WITH NATURAL GAS, ESPECIALLY DURING
Average price for a gallon of gas rises 11 cents overnight to about $3.11 in US, AAA says
The average price for a gallon of gasoline jumped 11 cents overnight to about $3.11 in the U.S., according to motor club AAA.Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.Benchmark U.S. crude jumped 8.6% to $77.36 a barrel.Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
The average price for a gallon of gasoline jumped 11 cents overnight to about $3.11 in the U.S., according to motor club AAA.
Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
Benchmark U.S. crude jumped 8.6% to $77.36 a barrel.
Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
