Fuel Prices Surge to Multi-year Highs

(Undated) — Gasoline and diesel prices continue to climb to multi-year highs. According to the GasBuddy Head of Petroleum Analysis, Patrick De Haan, the effective closure of the Strait of Hormuz has curtailed the flow of millions of barrels of crude oil each day, driving prices higher. He says the situation remains “highly volatile and unpredictable.” De Haan says upward pressure on fuel prices is likely to persist as long as global oil supplies are constrained by the continued disruption in the Strait. He says we are likely to see the national average for gasoline push beyond the $4-per-gallon mark, while diesel could approach $6 per gallon and potentially set new records if conditions fail to improve. The current national average is $4.02 a gallon.