The conflict in the Middle East, which has been raging for over a week now, has been causing a spike in energy pricing, with everything from oil to natural gas affecting both the cost of fuel for transport, as well as domestic energy bills.
Some parts of the US are feeling the effect more than others, with the average cost per gallon of gasoline on Monday climbing to $5.20 in California, compared with $3.47 nationally, according to data from the American Automobile Association (AAA).
The reasons are pretty clear, as the conflict has destroyed oil facilities that supply gasoline and diesel globally, while 20% of the world’s oil is shipped through the strait of Hormuz, which has effectively been closed for a week. See More/Details