Gasoline prices jump 37% in a major country... Is the Strait of Hormuz the reason?
According to the data, since the United States and Israel launched strikes on Iran on February 28, gasoline prices in America have risen by about 37%, reflecting the impact of regional tensions on the global energy market.
The differences between states remain significant, with California recording the highest average price of gasoline in the country at nearly $5.92 per gallon, while Oklahoma comes in at the lowest at an average of $3.29 per gallon.
Hormuz disrupted
Analysts believe the main reason for the sharp rise in fuel prices is the disruption of traffic through the Strait of Hormuz, the vital waterway that sees about 20% of the world's oil transport.
The slowdown in oil production in the Middle East also contributed to pushing prices higher.
The price of crude oil has risen steadily since the start of the war at the end of February, with the price per barrel exceeding $110 this week. Part of the price increase is due to Iran's control of the Strait of Hormuz, through which about 20% of the world's oil passes.
High prices
President Donald Trump recently said: “America has plenty of gas, and we are not dependent on oil coming from the Strait of Hormuz. We are there to help others, not because we need their oil.”.
Analyst Samantha Gross of the Brookings Institution on Energy and Security stressed that oil is a globally traded commodity, and that the United States, despite being one of the largest producers, still relies on imports from other countries, adding: “We will have to pay the same high prices that the global market is paying.”.
