Gas prices soar more than 40 cents in a week across New York amid Middle East conflict
How long will this last? Experts say it solely depends on how long this conflict in the Middle East lasts.
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According to AAA, gas prices have soared more than 40 cents in one week.
Last week a gallon of regular gas went for about $3.10 and today the average price in New York City is well over $3.50.
This is the aftermath of what is going on overseas with the conflict in the Middle East. Iran is a top 10 global oil producer, and they control the Strait of Hormuz - water passage where 17 million barrels of oil pass through each day.
However, there is a near shutdown now of the waterway and a slowdown in oil production which is leading to high prices.
United States crude rose above $100 a barrel. It is the first time the prices have reached that level since the war between Russia and Ukraine in 2022.
It comes as summer driving season is near.
How long will this last? Experts say it solely depends on how long this conflict in the Middle East lasts.
