California Gas Prices Rise
California drivers are being hammered at the pumps, with regular petrol averaging about $5.60 a gallon, the highest price in the United States, as the conflict with Iran chokes global oil supplies.
Footage shows long queues snaking through petrol stations in Alhambra and Los Angeles, as drivers fill up beneath price boards displaying $5.99 a gallon and more.
“The war in Iran is really affecting the country more than anybody else because of the gas prices. I feel like all citizens are not happy with it, and it’s pushing us to sometimes not even go out anymore. So it’s hard,” business owner Jesus Luis said.
California’s average price for regular petrol has climbed dramatically over the past week, leaving motorists paying well above the national average.
Hormuz Disrupts Oil Markets
At the heart of the crisis is the Strait of Hormuz, the narrow shipping corridor linking the Gulf to international markets. In normal conditions, roughly a fifth of the world’s petroleum liquids passes through the waterway.
Fighting, shipping restrictions and fears of further attacks have disrupted tanker traffic, pushed up insurance and transport costs, and sent shockwaves through global energy markets.
Even oil produced thousands of kilometres away is traded at international prices, meaning turmoil in Hormuz can quickly hit refinery costs and petrol stations across the United States.
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