Chevron’s CEO has warned that he isn’t sure how high gas prices could get as Donald Trump continues to try to bring an end to the two-month-long Iran war. Mike Wirth was interviewed on CBS’s Face the Nation on Sunday and said that the war had exposed the relative futility of some measures taken to avert price shocks for consumers while warning that gas prices were not done rising, at least for now. Gas prices are nationally averaged at $4.46 for a gallon of low-grade fuel. Wirth said it was “very hard to say” that gas prices had peaked, as some administration officials have hurriedly insisted over the past month. Now, negotiations over a ceasefire deal have collapsed and Iran’s grip over the Strait of Hormuz has so far proved impossible for the U.S. to shake loose.
The gas prices are bullshit and nothing more than a ripoff. In 2001 with the “war” in Iran, Iraq, and Afghanistan, it didn’t get this bad. Same with 2008 market crash and 2022 with Covid. Check the charts-especially Monthly Avg Domestic Crude
https://inflationdata.com/articles/inflation-adjusted-prices/historical-crude-oil-prices-table/
Neither of those closed the strait that moves oil and gas for the entire region…
Oh, gotcha. Well OK that makes a little more sense. I figure either way, the price of crude was still around $100/barrel (I think now it’s over) and gas hadn’t gone so high before, so regardless I was just basing it around prices.