Gasoline Prices Surge as Crude Oil Prices Rise Amid Middle East Tensions
The national average price for a gallon of regular gasoline in the U.S. has increased by 15 cents, reaching $4.09. This rise is attributed to escalating crude oil prices, which have been driven by volatility in the Middle East, particularly around the Strait of Hormuz. The region's instability has pushed crude oil prices into the $90 per barrel range. Despite an increase in domestic gasoline supply and production, the demand for gasoline has also risen, contributing to the price hike. The Energy Information Administration reports that U.S. crude oil inventories are currently below the five-year average, further influencing market dynamics. 
