Two Reasons Why Gasoline Prices Are Soaring ...Middle East

U.S. national average gasoline prices have been rising in most weeks so far this year, and are expected to reach the highest summer prices since 2018.  Most of the increase has been the result of rallying crude oil prices, the component with the highest weight in the way prices are calculated. Rising gasoline demand compared to the March and April lows of 2020 is also driving prices higher as more Americans travel with the warmer weather and vaccination rollouts.  Another key component of the U.S. gasoline price—the cost of producing…

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