Gas prices eclipse $4 a gallon in the US, the highest since 2022

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illuminem summarises for you the essential news of the day. Read the full piece on The Associated Press or enjoy below:

🗞️ Driving the news: U.S. gasoline prices have surpassed $4 per gallon for the first time since 2022, driven by the ongoing war involving Iran and disruptions to global oil supplies

🔭 The context: According to AAA, the national average price for regular gasoline reached $4.02 per gallon, more than $1 higher than before the conflict began on Feb. 28
• Oil prices have surged above $100 per barrel, largely due to supply disruptions and the shutdown of shipping through the Strait of Hormuz

🌍 Why it matters for the planet: Energy price spikes highlight the economic volatility tied to fossil fuel dependence
• Rising fuel costs ripple across the economy, increasing transportation, food, and delivery prices, while also renewing debates about energy security and accelerating interest in alternative energy systems

⏭️ What’s next: Analysts warn prices could climb further if the Strait of Hormuz remains blocked
• Some projections suggest U.S. gasoline could approach $4.50 per gallon or even near the $5 record if supply disruptions persist

💬 One quote: “It’s going to mean consumers are likely greeted by rising grocery prices, and broadly speaking, a rise in U.S. inflation,” said Patrick De Haan of GasBuddy

📈 One stat: U.S. diesel prices have jumped to $5.45 per gallon on average, up from about $3.76 before the war began

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