(March 6): US gasoline pump prices advanced to the highest level since September 2024, as the conflict in the Middle East disrupts energy supplies from the region.
The retail price of gasoline rose to US$3.32 gallon on Thursday, according to the American Automobile Association. Gasoline futures have also rallied 27% this week and are on track for the biggest weekly advance since March 2022.
President Donald Trump has frequently touted lower gasoline prices when talking about American energy dominance, but the run up threatens to pose a significant impediment for the US leader and his party at midterm elections later this year.
Asian refiners have been cut off from critical supplies of crude that typically flow through the Strait of Hormuz, prompting some to consider cutting runs. China has told its largest refiners to suspend diesel and gasoline exports.
The Middle East disruption also comes as US refiners switch from producing winter-grade gasoline to more expensive gasoline, an annual transition that typically pushes prices up in the spring.
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