Free Republic

President Trump said Sunday that increasing prices of oil are “a very small price to pay” for “safety and peace” amid the U.S. conflict with Iran. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Trump said in a Sunday evening Truth Social post. “ONLY FOOLS WOULD THINK DIFFERENTLY!” he added. The U.S. conflict in Iran caused a recent surge in domestic oil and gas prices, with the U.S. national average for a gallon of regular gasoline...

The largest increases in gas prices were reported in these states: Indiana — $3.448 (+64.0¢) Ohio — $3.399 (+62.6¢) West Virginia — $3.375 (+55.1¢) Florida — $3.407 (+53.7¢) Texas — $3.094 (+53.2¢) Colorado — $3.357 (+52.9¢) Iowa — $3.159 (+52.5¢) New Mexico — $3.247 (+52.1¢) Maryland — $3.456 (+51.6¢) Oklahoma — $2.922 (+50.8¢) Even considering these recent increases, California drivers are still facing the highest gas prices in the country, at $5.048 per gallon of regular gas. Washington and Nevada followed with a price of $4.557 and $4.119, respectively.

Global oil prices could breach the $100 (£74) a barrel mark within days, and reach $150 a barrel by the end of the month, without a solution ​to the severe disruption in crude flows through the strait ‌of Hormuz, Goldman Sachs has warned. Oil exports via the vital trade route linking the world’s biggest oil producers to buyers in the global market have fallen further than the US investment bank had initially expected after the US-Israeli attack on Iran a little over a week ago. Goldman Sachs had anticipated that flows of crude through the strait would fall to 15%...