Why Are U.S. Gas Prices High Despite Low OPEC Imports?
Despite producing more than 13 million barrels of crude oil daily and importing only a small fraction from the Middle East, rising global tensions between the United States and Iran have led to increased oil prices due to concerns over supply disruptions in key shipping routes like the Strait of Hormuz. As of July 13, Brent crude futures rose by $2.39 (about 3%) to $78.40 per barrel.
Topics: gasoline prices Middle East conflict oil prices U.S. energy imports