Gas Prices Soaring: Strait of Hormuz Crisis

0:00It's March 13, let's get into entertainment and celebrity news. Gas prices are climbing fast across the United States because the conflict with Iran is disrupting global oil supplies. The national average for regular gas reached $3.58 per gallon on March 11, a jump of more than 50 cents from, the week before and 64 cents higher than a year ago. Earlier this week, US crude oil prices shot past $100 per barrel for the first time since Russia's invasion of Ukraine in 20, 22. President Trump called despite a short-term bump that should ease as the situation stabilizes, the trouble centers on the strait of Hormuz, a vital shipping lane carrying over 20 million barrels of oil daily. Threats to tankers and reports of mines in the area have scared off ships and insurers, worsening the supply crunch. Many experts say, pump prices rise quickly with oil costs but drop much more slowly. They warn that without progress in the strait, gas could get even pricier in the coming

1:03weeks. Meanwhile, the rise is stirring political worries ahead of the 20-26 mid-term elections. Recent polls show 87% of voters concern the war will drive up everyday costs even further. Support for this episode comes from our sponsor. See the description. Do not just listen to podcasts, get lost in them comfortably, S-O-L-I, solely pillow.com.