Gasoline prices post fastest nine-week surge since early 1990s
Updated
Updated · The Wall Street Journal · May 4
Gasoline prices post fastest nine-week surge since early 1990s
12 articles · Updated · The Wall Street Journal · May 4
US regular gasoline averaged $1.41 a gallon higher on Friday than nine weeks earlier, just before the Iran war began, according to Energy Department data.
The rise is not a record in absolute terms, but its speed is unprecedented in data stretching back at least to the early 1990s.
The rapid increase leaves many Americans who rely on frequent fill-ups with little time to adjust household spending, though prices remain below the $5.07 peak reached after Russia invaded Ukraine in 2022.
With the Strait of Hormuz closed and oil supplies disrupted, how long could global gas prices stay elevated and what will trigger their decline?
Could the unprecedented oil shock accelerate a global shift to alternative energy, or will it deepen economic reliance on fossil fuels?
How might the ongoing supply chain crisis and rising fuel costs reshape food security and global manufacturing in the coming months?