On average in the past two weeks the price for a gallon of gasoline has gone up eighteen cents because of the concerns of Middle East tensions and the crude oil prices are rising. The fuel supplies in almost of the United Statesremained plentiful according to a Lundberg Survey. On February 24, 2012 the average price for one gallon of gas rose to three dollars and sixty-nine cents. The highest price was four dollars and twenty-four cents in San Diego,California and the lowest was in Denver at three dollars and seven cents a gallon.
In a survey that ended on February 10, 2012 and covered two weeks prior, the rise of a gallon of gasoline was twelve cents and according to the survey, the prices will probably raise at least several more cents in the next few weeks because the price of crude oil has yet to totally reach the pumps. In the past two weeks, the price for crude oil from West Texas Intermediate rose eleven dollars and ten cents per barrel to one hundred nine dollars and seventy-seven cents.
Why crude oil prices are jumping are the concerns not only on Iran’s nuclear program but also the possibility that if their nuclear facilities were attacked by Israel that Iran would block the shipping in the Strait of Hormuz. If the fears in the Middle East become more fervent either because of a perceived or real threat, the prices of crude oil could go up again.