The impact of the Middle East situation is becoming evident, with U.S. retail gasoline prices reaching their highest level in a year and a half!
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Due to the ongoing disturbances in energy supply caused by the Middle East conflict, U.S. gasoline retail prices have risen to their highest level since September 2024, reaching $3.32 per gallon. Gasoline futures have accumulated a 27% increase this week, likely marking the largest single-week gain since March 2022. This round of price increases is driven by a combination of geopolitical shocks and seasonal refinery switches, putting political pressure on the Trump administration, which may affect the midterm elections later this year
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