Oil hit a 9-month high yesterday thanks to Iran halting exports to Europe in advance of a ban on Persian oil. Pundits have in recent days been crowing that the resulting higher gas prices, which could go above $4 a gallon within the next few weeks if tensions in Iran continue, could hurt the presidents’ election prospects. Republicans like John Boehner are urging conservative politicians to embrace “pump anger.
Some Persian Gulf watchers say more political uprisings, swelling strife throughout the Middle East,mean likely oil supply disruptions, higher crude prices and a bigger bite at the gas pump, perhaps as much as $7 a gallon. Read Post
The chart above from GasBuddy shows regular gas prices and crude oil prices over the last three months. Gas prices have increased by about 7.5% over the last three months from $3.34 to $3.59 per gallon, while crude oil prices have i... Read Post