Iran Press/ America: Beyond the strong gasoline demand, there is also a supply problem driving up oil and gasoline prices. Russia's war in Ukraine, the sanctions on Russia imposed by the United States and Europe since then is a significant factor since Russia was among the world's leading oil exporters. But it is only part of the cause.
Oil is a commodity traded on global markets. The United States has never imported significant amounts of oil from Russia, but Europe has traditionally depended on Russian exports. The EU's recent decision to ban oil tanker shipments from Russia sent oil prices soaring globally. Limiting supply by OPEC and its allies is the other main factor.
Gas prices have been rising steadily for the last eight weeks, and this latest milestone marks the 15th straight day that the AAA reading has hit a record price and the 32nd time in the previous 33 days.
ACCORDING TO THE GLOBAL HEAD OF ENERGY ANALYSIS FOR THE OPIS, the US national average for gasoline could be close to $6 later this summer.
The highest statewide average has long been in California, where the average stood at $6.43 a gallon in Saturday's readings.
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