Average U.S. retail gasoline prices crossed $3 a gallon for the first time since November on Monday as the conflict in the Middle East worsened, setting up a key test of public approval of President Donald Trump’s decision to attack Iran, analysts said.
Tehran’s retaliation in response to U.S. and Israeli strikes has disrupted global oil supply, as it hit production facilities in neighboring countries and ships in the Strait of Hormuz, a key global trade route. Oil prices have surged, with Brent crude rising more than 5% to nearly $77 per barrel, and fuel prices moving up in tandem with the feedstock costs.
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Higher gas prices might encourage some positive change in folks when it comes to their travel choices. In the short term possibly more choosing to walk/bike (or more realistically choosing to abstain from going somewhere that they otherwise would’ve driven) and in the longer term it’ll encourage more efficient vehicles. Energy has been way too cheap in the US for too long and it really encourages a lot of the waste that we see
I think the observation is that this is a short term market panic and not any true change in the cost of gas.