U.S. Gas and Airfare Costs Soar as 91% of Vehicles Still Rely on Oil
Updated
Updated · WRAL News · May 16
U.S. Gas and Airfare Costs Soar as 91% of Vehicles Still Rely on Oil
6 articles · Updated · WRAL News · May 16
Summer travel costs are climbing for Americans as the Iran war pushes up gasoline and airfare prices despite record U.S. oil production.
Three structural factors are blunting the benefit of that output: many U.S. refineries are built for heavier crude, imported oil reaches coastal refineries more easily, and oil is priced on a global market.
Mike Walden of NC State said those constraints leave the U.S. effectively stuck with its current refinery system, making a quick fix to pump prices unlikely.
With 91% of U.S. vehicles still running on gasoline, he said lasting energy independence would require cutting oil use for driving, while near-term relief depends on easing the Middle East conflict.
The US is the world's top oil producer. Why are Americans still paying record-high prices at the pump?
Beyond gas prices, how is the ongoing Iran war threatening the global food supply and your grocery bill?
With oil markets in chaos, could this energy crisis finally force a global transition to renewable power?