That’s potentially bad news for gas prices.
What’s happening: Gas prices are already at $3.82 a gallon.
Geopolitical tensions have been supporting high oil and gas prices for some time.
In 2005, for example, gas prices surged by 46% between Memorial Day and Labor Day because of the landfall of Hurricane Katrina, according to Bespoke.
“Energy prices have been a major contributor to persistently high inflation in the US, so the crude oil price will remain a watch-out factor for future inflation.”High oil and gas prices are one of the largest contributing factors to inflation.
Persons:
“ Idalia, ”, Louis Navellier, Andrew Woods, OpenAI, Catherine Thorbecke, Estee Lauder, CNN’s Gregory Wallace
Organizations:
CNN Business, Bell, New York CNN, Labor, Nasdaq Advisory Services Energy Team, Navellier, Investment, Citigroup, Day, Federal Reserve, “, Exxon Mobil, BP, Chevron, Fortune, CNN, The New York Times, Reuters, Disney, Bloomberg, The Washington Post, ABC News, ESPN, American Airlines, Airlines, Department of Transportation, Fort Worth
Locations:
New York, Florida, China, Russia, Saudi Arabia, Ukraine, The, Texas, Dallas, American