Chicago gas prices jump 62 cents in 1 week
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oil prices, Iran
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Average U.S. gas prices rose about 5¢ to $4.54 today, according to American Automobile Association (AAA) data.
“Just trying to budget now with a lot of the prices and things changing we have to fluctuate with our budget actually. Every month some things are always added or having to take them away. Some bills get paid rather later than sooner kind of situation,” said Michelle Ollison.
The main reason drivers are paying more at the pump is because of the global energy crisis caused by the Iran War. The price of crude oil, which is the main ingredient in gasoline, has been climbing for most of the past two months because the Strait of Hormuz.
Global leaders have been scrambling to contain the rising cost of oil and gasoline since the start of the Iran war.
The national average price of a gallon of regular gas rose by nearly 3 cents overnight as tensions flare in the Strait of Hormuz amid an increasingly tenuous ceasefire between the United States, Israel and Iran.
Corn’s rising production costs threaten to push food prices higher across meat, dairy, grains, and more.
With California gas prices averaging $6.16 a gallon, some drivers are looking for ways to cut fuel costs.
2don MSN
Rising gas prices are crushing restaurant sales as $4 a gallon becomes tipping point for consumers
U.S. restaurant chains report weaker than expected sales growth as high gas prices squeeze consumer budgets and force a shift toward value menu offerings.