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U.S. Gas Prices hit 14-Year High

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AAA reported that the average U.S. gas prices have reached $4.009 per gallon on Sunday, the highest since July 17 of 2008 when gas prices hit a record $4.114 per gallon.

In just the past week, average prices soared 11 percent. Gas was an average of $3.604 one week ago and just $2.760 one year ago. Prices are highest in California, where the average price is $5.288.

In Los Angeles and San Francisco, average gas prices have reached $5 for regular fuel, while some stations are reportedly selling premium gas for more than $7 a gallon.

Hawaii has the second highest prices at $4.695, followed by Nevada and Oregon with averages of $4.526 and $4.466.

Patrick De Haan, head of petroleum analysis for GasBuddy, tweeted over the weekend “To make it implicitly clear, this is the cost of bipartisan sanctions on Russia for their war on Ukraine.”

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De Haan also told USA Today that more cities are likely to see prices hit $5 a gallon in the coming weeks. He said prices soaring to an average of $4 a gallon “was unlikely to have happened without Russian action.”

GasBuddy also predicts a national average price of $4.25 by Memorial Day. “Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day,” GasBuddy said in a statement.

Last week, the International Energy Agency (IEA) announced its 31 member countries coordinated to release crude oil to help counter rising prices. President Biden announced that the U.S. would give 30 million barrels from America’s Strategic Petroleum Reserve to “help blunt gas prices here at home.”

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1 Comment

1 Comment

  1. Donald huffman

    March 7, 2022 at 10:02 pm

    Well hell it was on its way to 4.00 before the Ukraine invasion Energy policy is driving the price not the war Rather its supply or psychological. Thinking

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International

Iran and Iraq sign controversial five-year contract to continue export of natural gas

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Despite the Biden administration having ‘strongly suggested’ that Iraqis find other ways solve their production problems, they have signed a new deal with Iran. Iraq’s ministry of electricity announced a finalized agreement on Wednesday, of which the Iran regime has signed a five-year contract to continue the export of natural gas for use in Iraq’s power generating plants.

Iraq will import up to 50 million cubic meters per day of the vital fuel; prior, Iraq had been procuring approximately half of that amount from Iranian suppliers, according to The Foreign Desk News.

The outlet notes this relationship between American adversaries has often brought criticism from Washington because the imports and their payments are subject to U.S. sanctions. The government in Baghdad must ask for waivers from the State Department to complete their purchases.

The Foreign Desk News goes on to explain:

Iran’s national gas company has been provisioning their neighbor for the last 10 years, as Iraq has long suffered domestic production problems due to corruption and inadequate infrastructure.

Most of the natural gas that Iraq imports is used to produce power for an unstable and maintenance-prone electrical grid. Service outages are common amid the country’s growing consumption and many residents frequently must rely on private generators during times of disruption.

Including the electricity that Iraq directly purchases from Iran, the Islamic republic is reported to be responsible for supplying nearly a quarter of the country’s total power use.

 

 

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