OIL PRICES SOAR ACROSS THE WORLD – US fuel prices surge at the fastest pace since 2005 amid Iran conflict
As the U.S.-Israeli war with Iran enters its third week, Americans are feeling the economic fallout at the gas pump.
Prices have surged to their highest level in more than two years – and South Florida drivers are among the hardest hit.
Nationally, regular gasoline is averaging just under 3.72 U.S. dollars a gallon – up more than 70 cents since the joint strikes on Iran began February 28. That is the steepest single-month surge since Hurricane Katrina in 2005.
In Miami, prices jumped twenty-eight cents a gallon in the past week alone – nearly 88 cents higher than a month ago. It is spring break, and families on the road are absorbing some of the highest fuel costs in years.
New offshore drilling plans are moving forward in Washington, but they won’t bring quick relief at the pump. Emergency oil reserves released overseas won’t reach U.S. markets until late March. And here in South Florida, drivers are likely to be paying these higher prices for at least a few more weeks.
International energy prices have been increasing sharply since the tensions escalated across the Middle East on Feb 28, when the United States and Israel launched large-scale joint airstrikes on Iran, creating uncertainty in the global economy.
