Gas Prices Continue to Climb as Supply Squeeze Continues

(Undated) — The return of $4 gas is just around the corner. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, average gasoline and diesel prices rose in nearly every state for the second straight week. De Haan says while the ongoing U.S.-Iran situation continues to weigh on markets, the story is increasingly less about crude oil and more about global refining capacity as the Strait of Hormuz remains closed while continued Ukrainian attacks on Russian refineries further squeeze an already strained supply picture. De Haan says with WTI crude approaching $85 per barrel, price-cycling markets are likely to see another jolt higher in the coming days, and “motorists should brace for a rougher stretch ahead.”