Gas Prices Surge: Middle East Unrest Impact

0:00On March 11, the national average price for a gallon of regular gasoline reached 358 on Wednesday, according to recent fuel data. That's a jump of about 4.67 per gallon in less than two weeks, driven by global oil markets responding to unrest in the Middle East. Price is very widely by state, thanks to differences in fuel taxes, environmental rules, and proximity to refineries and pipelines. Meanwhile, diesel costs are climbing too, and since it fuels most shipping across the country, that could mean higher prices for groceries every day. Goods and other supplies down the line. Drivers might feel the pinch at the pump, but these levels are still much lower than the peaks from a couple years back. Back in mid-2022, amid 921% inflation, the highest in 40 years, gas averaged $5 to nationwide right after Russia's invasion of Ukraine disrupted. Energy supplies worldwide. Energy experts point out how fast these geopolitical events can shake up fuel costs.

1:03The recent uptick serves as a reminder of that volatility. For now, prices sit well under those past highs, yet with Middle East issues ongoing, keep an eye on oil supplies. They could push costs even higher in, the coming weeks.