Gas Prices Surge Amid Global Tensions | Global News

0:00It's September 7th. I'm Corey with the story. This is Global News, driven by AI and built for a global audience. Gas prices are hitting hard right now. With the average for regular gas sitting at $4.15 a gallon, that's a big jump from last year when it was $3.20. And diesel? It just set a new record at $5.85 a gallon. Folks were hoping to get one last summer trip in over Labor Day weekend, but filling up the tank is more expensive than ever. This whole situation, really kicked off after the US and Israel, took action against Iran back in February. Since then, fuel flow through the straight of Hormuz, a super important shipping lane, has dropped significantly because Iran isn't letting traffic through. Experts are pointing directly to this conflict and the blocked waterway as the main drivers behind these price hikes. You can hear it from everyday people too. One woman mentioned she's been staying closer to home this summer, skipping their usual weekend getaways because driving just costs too much.

1:00It's a tough pill to swallow when you're already dealing with the costs of a new baby. And then you see the price at the pump, climbing higher and higher. While gas prices usually dip after the summer, this year is different. Even with refineries working at near full capacity, there are other global issues at play. Ukrainian drone attacks on Russian refineries and declining output from Chinese refineries are also squeezing diesel supplies, making things unpredictable. The Energy Secretary says they're working to bring prices down and that market forecast suggests some relief in the coming months. But for now, drivers are feeling the pinch. While there's not much we can do about global politics, using gas price apps can help shave off a few cents per gallon, especially if you're looking, to save on longer drives.