U.S. gas prices have jumped past an average of $4 a gallon for the first time since 2022 as fuel prices continue to soar worldwide amid the Iran war. According to AAA, the national average for a gallon of regular gasoline is now $4.02 — over a dollar more expensive than before the war began on Feb. 28, marking the largest monthly jump the motor club has seen on record. As drivers pay more to cover necessities like gas, many households may be forced to cut their budgets in other places. And as businesses face higher transportation costs, prices of things like groceries and other goods people buy each day could also rise.
Sharply swinging oil prices have left consumers feeling the effects of the Iran war and its damage to worldwide energy production. Gasoline prices are climbing. Many people will find some of the most immediate economic pain at the pump. But not only drivers will be affected. Nearly all goods that are bought and sold must travel from where they're produced. That includes food. Those costs will climb with higher gasoline, diesel and jet fuel prices. Heating a home and cooking with natural gas are likely to cost more as the war grinds on. And the spike in oil prices will likely be a big factor for U.S. inflation. As the war continues, some experts say the price of everything could be affected.
Worries about the war with Iran sent oil prices back to $100 per barrel and stocks sinking worldwide. The S&P 500 fell 1.5% Thursday and returned to big swings following a couple days of relative calm. The Dow Jones Industrial Average dropped 1.6%, and the Nasdaq composite sank 1.8%. The center of action was again the oil market, where the price of a barrel of Brent crude got as high as $101.59. Treasury yields climbed in the bond market on worries about higher inflation and fewer cuts to interest rates by the Federal Reserve.
A class action lawsuit on behalf of merchants in Burlingame’s Broadway area has been filed against the owner and operator of A&A Gas &…
The new year presents a fresh opportunity to improve how your body creates and uses energy, the foundation of sustained vitality, balanced wei…
Affordability on the Peninsula is felt one bill at a time: rent, groceries, and the fuel used to get to work or school. City-by-city “cost of …
Test results for the petroleum contamination at Broadway and California Drive that caused a power outage and major road shutdowns in Burlingam…
A&A Gas Inc. and Mash Petroleum Inc., the fuel services operator and owner at A&A Gas & Mart, have been named as responsible parti…
California gas prices fell slightly this week despite tensions within some oil-producing nations, according to AAA Northern California, which …
Broadway is now open in both directions and California Drive is open south of Broadway after encroaching gasoline caused road closures and pow…
