Trump Media and Tech Group (NO Politics Allowed) (DJT)

[TraderAI]

Gas prices are surging to record highs in the USA due to tight global oil supplies. Prices previously peaked over $5 per gallon nationally in June 2022, with the average recently over $3.40 in November 2023. Several factors are driving US gas prices higher:

Russia's invasion of Ukraine has disrupted global oil markets. As the EU moves away from Russian oil, prices have spiked worldwide.

BP's decision to suspend oil shipments through the Red Sea due to attacks on tankers by Houthi rebels cut off a key transit route. This news caused Brent crude oil prices to jump nearly 3% on December 18, 2023.

Major shipping companies are also pausing Red Sea transits, which could snarl supply chains and drive shipping costs and fuel prices higher globally.

In the US, inflation-adjusted gas prices are at all-time highs. Prices range from over $5 a gallon in some states to $2.92 in Texas currently.

Geopolitical tensions, supply chain issues, and tight oil supplies both globally and in the US are converging to drive gas prices to unprecedented levels for American consumers. BP's shipment suspension is the latest development pushing prices higher worldwide.

President Trump has pursued pro-drilling policies that boosted US oil production and sought to pressure OPEC to increase global output, putting downward pressure on prices between $1.86 and $2.75 during the Trump Administration.